Jumbo Loans are loans that exceed the conforming loan limits set by the Federal Housing Finance Agency (FHFA), and are not eligible to be purchased, securitized, or guarenteed by Fannie Mae or Freddie Mac. A Jumbo Loan is for mortgages above $510,400 in most areas and above $765,600 in high-cost areas. It also offers 30 and 15 year fixed rate mortgage and competitive ARM products with full document, alternate documentation and limited documentation.
For Purchase transactions Jumbo Loans require the home-buyer to put down at least 20% of the purchase price of the home. Cash out and No cash out refinance are allowable.
Most Jumbo loan programs allow you to purchase single family detached, Condo's, PUD's and single-family second homes can be financed with no prepayment penalty.