What is a JUMBO Loan?
JUMBO loans are mortgages set aside exclusively for the financing of properties that are too expensive for conventional conforming loans. Since the maximum amount you’re typically allowed to finance with a conventional loan is $647,200*, you may need to seek out additional financing in the form of a JUMBO loan. Here in the Arizona market, the average home price has skyrocketed in recent years, and in most zip codes — including here in 85233 – where the mean purchase price is now much higher. So, if you’re a local Maricopa buyer, you’ll likely need to consider a JUMBO loan to finance your new home.
*Each county and lender’s conforming loan limits may vary, so click here to see what your county’s conforming loan limits are.