Jumbo mortgages are loans which exceed limits set by Fannie Mae and Freddie Mac.  

 

As of 2015, the limit for much of the country is $417,000.  In higher cost markets, loan limits can be as high as $721,050 for a single unit home (duplexes and triplexes have higher limits).  Since these loans cannot be purchased by the two government- sponsored enterprises, jumbo mortgages can be more costly and deemed to be more risky for lenders to originate making the interest rates higher than those of smaller loan amounts.  

 

At Eastern Savings Bank we offer jumbo loans up to $3 million (call for higher loan amounts).  Our rates are competitive due to expertise and resources.  Higher jumbo loan amounts may be available.   So, if you're looking for a jumbo mortgage it is important that you speak with a mortgage professional regarding your specific situation and your overall mortgage needs.