A Jumbo Loan is a type of mortgage that exceeds the conforming loan limits set by Fannie Mae and Freddie Mac. These loans are typically used to finance higher-priced properties.

The conforming loan limit for 2024 is $766,550 for a single-family home in most areas. However, in high-cost areas, such as certain metropolitan areas, the limit can be higher.

The FHA jumbo loan limit for 2024 is $1,149,825 for a single-family home in high-cost areas. This limit allows borrowers to obtain FHA-backed financing for properties that exceed the standard conforming loan limits.

Qualifying for a Jumbo Loan typically requires a higher credit score, lower debt-to-income ratio, and a larger down payment compared to conforming loans. Lenders may also require additional documentation to verify income and assets.

Jumbo Loans allow borrowers to finance higher-priced properties that may not qualify for conforming loans. They also offer flexibility in terms of loan amounts and property types.

Down payment requirements for Jumbo Loans vary but are typically higher than those for conforming loans. Borrowers may need to put down 20% or more of the property's purchase price.

Yes, borrowers can refinance their existing mortgage with a Jumbo Loan, provided they meet the lender's eligibility requirements, and the loan amount falls within the jumbo loan limits.

Interest rates for Jumbo Loans may be slightly higher than those for conforming loans due to the increased risk associated with larger loan amounts. However, rates can vary depending on market conditions and the borrower's financial profile.