Jumbo mortgages are home loans that fall outside of the Fannie / Freddie conforming loan limits, or guidelines. (CLICK HERE TO SEE LOAN LIMITS) These are generally used for higher value homes, investment properties, and those who may not fit the conforming loan guidelines while still having good credit, such as self employed individuals or those with complex income situations. 

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Because Jumbo Loans aren't subject to Fannie / Freddie underwriting guidelines, and are not guaranteed to the lender in case of borrower default, they come with slightly higher fees than conforming mortgages do. However, because of the above, lenders are also able to offer more flexibility into who or what they will approve. While this won't make much difference at larger banks such as Wells Fargo, Chase, Bank of America, etc, it will give better options when working with more flexible lenders. 

 

Our team at Dominion Mortgage can help you get into the home of your dreams, even if you fall slightly outside of government-written guidelines. We have a variety of jumbo mortgage options from some of the best lenders in the country. We love to help family's aquire larger than average homes, and self employed people obtain the home you've been fighting for while building your empoire.