Quote:
Originally Posted by Clark_Kent
What a jumbo loan is or isn't is not determined by an individual. It's a loan that exceeds the limits set by the FHFA. The maximum conforming amount for 2020 is $510,400 for a single unit occupancy. They're riskier than conventional or FHA loans because they cannot be purchased, guaranteed or securitized. As a result, jumbo loans carry higher interest rates. Any rate table you see will show jumbo loans with a higher interest rate.
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Actually, no. Neither of the rates pages I posted in this thread have higher rates for Jumbo loans. For most big banks, I agree, but credit unions do not function the same way. At least a few of the CU around me do not sell their loans which gives them a little more leeway in how they set rates.