Jumbo Loans in Maine Rates & Mortgage Limits
A Maine jumbo loan is a type of financing that provides funding for Maine residential & commercial properties that exceed the limits of conventional loan costs, or FHA loan limits set forth by the Federal Housing Finance Agency and the Federal Housing Authority—respectively.
Home loans with conventional mortgage rates, terms, and if the property costs less than a jumbo loan have the backing option for Fannie Mae & Freddie Mac guarantees. These guarantees allow for lower interest rates when compared to jumbo loan rates without the option for federal backing.
Jumbo loans are typically available with fixed, or adjustable rates, and the loans come with a variety of terms. Without federal backing, jumbo loans may be considered a risk to lenders. Lenders are not protected from financial loses if the borrower defaults on the loan terms.
FHA Mortgage Limits Determine Jumbo Loan Criteria in Maine
The U.S. Department of Housing and Urban Development (HUD) compiles data of the median home sales prices by state, county, or Metropolitan Statistical Area. For instance, the data can be utilized for:
- State: Maine
- County: Cumberland
- Metropolitan Statistical Area: Portland $546,250 in city mortgage limit (one-family)
If the sale price of the residential house, or commercial property exceeds these mortgage limits set forth by HUD, the loan falls into the jumbo loan category. Be sure to check your cities' FHA mortgage limits by HUD to determine which type of loan fits your needs.
FHFA Regulates Conventional Mortgage Limits for Jumbo Loans
The Federal Housing Finance Agency (FHFA) sets the ceiling for conventional loans that do not fall in the FHA mortgage category.
This FHFA conforming loan limit tool provides homebuyers an interactive map that displays the Loan Limit Values by County and County equivalent. The loan limits map is updated yearly and maintained by the Federal Housing Finance Agency.
Currently the FHFA loan limit map displays:
- County: Cumberland Loan Limit - $766,550 - CBSA Portland-South & Portland, ME
Questions About Maine Jumbo Loans & Limits?
Vision Mortgage provides Mainers expert jumbo loan lending services from the first phone call to finalizing your jumbo loan. Vision Mortgage will navigate you through the complexities of residential home and commercial property ownership that may exceed government-backed lending.
Our seasoned loan officers have seen it all. From self-employed homebuyers to W2 income-verified mortgage shoppers—Vision Mortgage has a streamlined jumbo loan process ready for you, where our customers come first!