What Are Jumbo Loans?
When you’re in the market to finance a piece of real estate, the variety of mortgage options available can be overwhelming. Mortgages can be conforming, non-conforming, prime, subprime, adjustable rate, fixed… it’s like you need to learn a whole new vocabulary just to figure it all out!
How Much is a Jumbo Loan in Hillsborough County?
However, a jumbo loan, or jumbo mortgage, is pretty straightforward. If you imagine a jumbo loan is simply a loan for an extra large amount of money, then you’d be right! In most areas of the United States in 2022, including Tampa Bay, a jumbo mortgage is any mortgage that exceeds $647,200. The only area of Florida where a conventional mortgage can exceed this limit is Monroe County (home of the Florida Keys). Read more