Super Jumbo LoanCredit Cards and LoansSuper jumbo loan...this is one of the classifications of a mortgage loan based on the size of the loan. Fannie Mae and Freddie Mac (government supported loan underwriters) have a limit on the size of loan they can make. This is currently $337,000, and is adjusted upward every few years. This limit on the size of a "conforming loan" (conforming to their requirements) led to a classification of a "non-conforming loan" which is typically referred to as a "Jumbo Loan". A Jumbo Loan is one that is for an amount greater than the current conforming limit. While not determined by a government restriction like the dividing line between conforming and non-conforming loans, there is a common maximum that many lenders will not go beyond even for a Jumbo loan. The current "typical" or "standard" limit for a Jumbo Loan is $650,000. For loans above that amount you are looking for a "Super Jumbo Loan". Super jumbo loans are available in most of the same forms as mortgage loans for smaller amounts. Often the rates and fees are higher, and the number of lenders who will make a Super Jumbo Loan is much smaller and is typically geographically restricted to areas where real estate prices are higher than the norm. As with other types of mortgage loans, you are often well served by finding a direct lender -- a company with their own money to lend, rather than a company that sells their loans or just brokers loans for other companies.
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