Any home mortgage home loan in Minnesota, Wisconsin, Iowa, North Dakota, or South Dakota that will be over the current conforming loan limit of $510,400 is considered a Jumbo Mortgage Loan. The loan limit may be higher in other states and states.

This means that these loans sizes no longer fits the acceptable loan limits for a Fannie Mae or Freddie Mac conventional loan program, and are also known as non-conforming loans.

This also means the guidelines change for these large loans.  The two biggest changes over a conforming loan is:

• Jumbo loans have larger down payment requirements
• Stricter credit, and credit score requirements.
• Interest rates are different from non-jumbo loans.

Cambria Mortgage is happy to offer multiple jumbo loan options, including all in one loan, or breaking it into two loans, a $510,000 first mortgage, and the remained in a 2nd mortgage.