When you are purchasing a high priced home, there are different rules that come with the loan. Fannie Mae and Freddie Mac have set a loan limit for traditional loans, anything above that price limit is considered a jumbo loan. The limits are different depending on which county you live in, mostly because some areas have a higher median home price than others. When it comes to DC jumbo loans, The Paquin Team is your best source for jumbo loan information. We also focus on Anne Arundel jumbo loans in Maryland.
The jumbo loan minimum amout starts off where conventional loan maximums end. For example, jumbo loans have different levels in DC than Anne Arundel. Any loan amount above $417,000 is considered a jumbo loan in Washington DC, since that is the conventional loan limit max that Fannie Mae and Freddie Mac have set. If you are looking for a home in Anne Arundel County, the conventional loan limit is higher at $494,500, meaning that jumbo loans start at that point. So if you are looking to purchase a home in DC that is over $417,000 or a home in Anne Arundel over $494,500 you will need a jumbo loan, and we want to help you!
Jumbo loans are more complicated than conventional loans, so it’s very important that you work with a lender who is experienced and knows all of the intricacies of this loan type. Since jumbo loans have higher loan amounts, there is more risk involved for the lender. Because there is more risk, jumbo loans have higher interest rates over traditional loans. We work with many great lending sources, so we can shop around to insure you find the lowest possible jumbo loan rates. With the higher loan amounts even a tenth of a percentage point can mean a difference of thousands of dollars a year more you could be spending. I’m sure you’ll find our DC and Anne Arundel jumbo loans rates are some of the most competitive you’ll find.
To find out how much you qualify for, please use our Purchase Assistant tool. Once we have a little information and have done some research, we will get back to you to start the process of qualifying for a jumbo loan.
