What is a non-conforming jumbo loan?

A conforming loan is one that conforms to "Fannie Mae" and "Freddie Mac" guidelines. Anything else is a "non conforming loan." The loan limit to confom to FNMA and FHLMC loans is $417K so if you are looking to borrow over $417K then your loan doesn't conform and it is then a "Jumbo"I'm located in Palatine, and we have excellent Jumbo rates and programs so if you'd like to discuss your scenario please give me a call with no obligation and our conversation will be absent all of the "salesmanship" consumers grow tired of when they enter in the idea of doing a mortgage transaction. My phone number is 800 356 3539

The previous answer is correct, however there are other options that will save you money. Depending on the county that you live in and FHA's loan limit in that county, you could go with an FHA High Balance loan. This will give you access to much lower interest rates (typically 1% lower) and a greater monthly savings. If you have any further questions, please contact me. I'd be happy to offer my assistance and it's free of charge.Best Regards,Craig S. Spaulding866-962-6698 Ext- 306togabroker2@yahoo.com

Correction to the phone number, I superimposed a couple of digits. 800 365 3539 is the proper number. I'll be happy to review the differences between conforming and Jumbo. Thank you

Mr. Rglover is incorrect. You must first look up your county loan limit to see if your county allows a loan amount over 417k. If it does than you must stay under that loan amount to adhere to Fannie and Freddie guidelines and be considered conforming within their limits. If you are above the loan limit assigned to your individual county then you will be classified as a non-conforming loan. Any loan over 417k is considered a "jumbo loan". I am correspondent lender with in house underwriting and have over 80 bank guidlines at my disposal. If your property is a non conforming jumbo loan and you are looking for the best rate with the most available programs, give me a call. My contact number is 1-866-790-4489 EXT 4207