A jumbo loan is considered a non-conforming loan as neither FannieMae nor FreddieMac purchase loans over an established amount, generally $417,000.  However, recent legislation now permits increased Conforming loan limits in counties defined as high cost areas by the U.S. Department of Housing and Urban Development. The only exceptions to the $417,000 limit in Pennsylvania are the following locations: Philadelphia area $420,000, York/Hanover $425,000 and Pike County $729,750 (due to the county's proximity to New York).  A loan amount above the aforementioned limits is considered a jumbo loan.

In today's lending environment, financing jumbo loans has been very difficult as most traditional purchasers of these loans (in the form of Mortgage Backed Securities) have stopped purchasing this loan product.  The few lenders that purchased a limited amount of jumbo loans demanded much higher interest rates due to perceived market risk. 

In 2010, a few lenders have jumped back into the jumbo loan market by offering longer term adjustable rate mortgages (ARMs).  Our Company is able to place your jumbo loan with very attractive interest rates and fees.  Call us today to see what we can do for you!