Jumbo Loans

A mortgage loan in an amount that exceeds conforming loan limits is called a jumbo loan. As of 2022, the conforming loan limit in most counties is $647,200 for all counties in Illinois and Wisconsin. This limit is set annually by the Federal Housing Finance Agency (FHFA).

Jumbo loans are not government backed. They are provided by a private lender, or one of the two government-sponsored entities: Fannie Mae and Freddie Mac.

The criteria to qualify for a Jumbo loan are generally more strict than for a conforming loan. They may require better credit and a higher down payment. They typically come with a slightly higher interest rate than a conforming loan.

We are Jumbo Loan Specialists

Long Grove Mortgage specializes in Jumbo loans. We have access to exceptional programs from a variety of lenders. Some of the benefits of working with us on your jumbo loan:

  • Competitive interest rates

  • No closing cost options

  • Fast (typically closing in 25 days or less)

  • Worry-free (We do a lot of jumbo loans. We’re experts.)

Highlights

  • Purchase or refinance

  • Fixed options: 10, 15, 20, 30, 40 year

  • ARM options: 5, 7, 10, 15 year

  • Options for primary, second and investment homes

Have questions? Looking for a quote? Book a free, no obligation consultation.