A jumbo product is necessary for borrowers needing more than the amount allowed by the two government sponsored investors, Freddie Mac and Fannie Mae. This amount is currently $417,000 for 1-unit first mortgage loans in the contiguous 48 states, and $625,500 in Alaska and Hawaii. Jumbo loans often have a higher interest rate and require a larger down payment commitment than most conforming loans. A jumbo loan is available in fixed-rate, adjustable-rate, and interest-only products.

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