What is a Jumbo Loan? A Jumbo loan is a non-conforming conventional mortgage meaning that it exceeds the maximum loan amount allowed on a conforming loan. Fannie Mae and Freddie Mac set the conforming Guidelines/Standards for mortgages and if a loan does not fit into these parameters it is considered non-conforming. The current maximum conforming loan amount is $417,000
Can I use a split loan with Conforming Mortgages? YES!! A split loan or Piggyback can be used with conforming products and may also allow you to extend your financing beyond conforming products alone.
Is a Split Loan Risky? NO... You may select various mortgage products and mix and match. You may select a 30 yr fixed for the 1st and a 15 yr fixed for the 2nd or you may prefer a 10/1 ARM on the first with a 10 yr fixed on the 2nd to build equity faster.
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