For many homebuyers, securing financing for their dream home can be a challenge, especially if the property is considered a "jumbo" loan. A jumbo mortgage is a home loan that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA). These limits vary by county and are adjusted annually to reflect changes in housing prices. In 2022, the conforming loan limit for a single-family home is $647,200 in most areas of the country, but in high-cost areas, such as San Francisco and New York City, the limit can be as high as $970,800.
|The Ins and Outs of Jumbo Mortgages: How to Secure Financing for Your Dream Home