The Hughes Team

If the loan amount exceeds the maximum set by Fannie Mae and Freddie Mac, then the loan is deemed "nonconforming" or "jumbo". Effective October 1, 2011 Fannie Mae and Freddie Mac lowered their confirming loan limit back to $625,000.

Maximum Loan Amount: The maximum loan amount allowed for a Conventional Conforming Loan varies from county to county. The lowest maximum Conventional Mortgage amount available in any county is $417,000. To see what the limit is in the county in which you're interested, visit the following site https://www.efanniemae.com/sf/refmaterials/loanlimits/. This site lists U.S. territories as well as states.

Look for these four criteria when chosing a jumbo lender:

. Experience: Affluent home owners often have special financing needs and may require a flexible or unique loan structure.

. Flexibility: lender that offers a variety of fixed and adjustable rate loans

. Financial strength: Not every lender has the balance sheet to accommodate these non-agency loans.

. Low Cost: Choose a jumbo lender that knows how to develop the best mortgage strategy.

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