A jumbo loan is financing for a home that’s higher than the conventional limit. In 2021, the conventional loan limit is $548,250. Any loan higher than this amount requires jumbo financing or non-conforming financing.
The exception to this rule is high costs areas such as California. For example, in Los Angeles, the conventional loan limit for 2021 is $822,375 with real estate prices soaring in California many buyers need to consider a Jumbo Loan.
Choice Home Mortgage specializes in Jumbo Mortgages in California including loan sizes up to 3M+.