Jumbo Loans
A jumbo loan is, as it’s name suggests, a loan that has an amount over other conventional conforming loan limits. The loan limit in the majority of the U.S. is $417,000, the exceptions being Alaska, Hawaii, Guam, the U.S. Virgin Islands , and some areas of California, where the limit is $625,500. Jumbo loans are used to help purchase houses where these limits are not high enough. However, jumbo loans have a more wide-spread use in today’s society but also come with a significant risk and requirements.