Jumbo Mortgage Loans

What is a Jumbo Loan?

A conventional mortgage falls within the maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac. Any mortgage with a higher principle than that is considered a Jumbo, or non-conforming, mortgage loan. A jumbo loan can be either a fixed or adjustable-rate mortgage. 

Jumbo Loan Benefits

• Borrow more: Get more house with a non-conforming loan. In Northern Virginia, for example, some real estate markets are quite hot. You may need a jumbo loan just to afford a regular house in a certain area. TFB has no maximum limit on our jumbo loans. 
• Refinance: You can refinance an existing mortgage into a jumbo loan if, for example, you need to borrow against your equity to finance a major expense like college.  
• No prepayment penalties: Pay your jumbo mortgage off earlier than the specified term without penalty. 

When to Choose a Jumbo Loan

Our Mortgage Loan Originators can help you find the best mortgage loan option to match your needs and budget. Jumbo loans carry more risk for the lender, so there are higher standards for credit approval. If you want to explore alternatives, The Fauquier Bank offers a complete menu of mortgage options including conventional loans and government-insured programs like FHA, USDA, and VA loans. 

Do more with The Fauquier Bank!

We are a proudly independent community bank with nine branch locations in Northern Virginia: Manassas, Haymarket, Bristow, Gainesville, Warrenton, The Plains, New Baltimore, Catlett, and Bealeton. As one of the only community banks serving Prince William and Fauquier counties, we reinvest our profits back into the local towns we serve. TFB mortgage customers can expect a personalized experience from beginning to end, as our friendly and knowledgeable Mortgage Loan Originators guide you through the application and closing process. To speak with a local mortgage lender, give us a call, chat with us or apply online, or visit your nearest TFB office. 

Jumbo Loan FAQs

• What is the conforming loan limit?
  The Federal Housing Finance Agency (FHFA) sets the maximum conforming loan limits each year. Limits may vary by state and county according to local property value averages.
• What is a 30-year jumbo mortgage?
  A jumbo loan can be packaged as a fixed-rate or adjustable-rate mortgage. It also has a specific term, such as 30 years or less.
• Are jumbo mortgage rates higher?
  Yes, jumbo loans carry more risk to the lender because they cannot be sold. So, the interest rate is usually 1.5-2 percent more than a conventional loan. Of course, individual terms and rates vary by lender and borrower.

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