A jumbo loan refers to a loan that exceeds the amount of $726,000, which is the limit guaranteed by Fannie Mae and Freddie Mac, the Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corporation (FMCC), respectively. Due to this, New Mexico borrowers seeking jumbo loans have limited options when it comes to lenders. Consequently, many borrowers turn to local banks for financing. However, it is important to explore different lenders as your bank may not offer the most favorable deal for a jumbo loan. Given the significance of jumbo loans, securing the lowest possible interest rate is advisable.
Excellent opportunities are also available for veterans in New Mexico, even if a jumbo loan is required. The VA (Department of Veterans Affairs) currently offers 100% financing for any purchase amount, including amounts exceeding the jumbo loan limit. Additionally, VA rates remain considerably lower compared to other loan options. Indigo Mortgage has been one of the largest VA loan mortgage brokers in New Mexico for many years and we will help you through the VA loan process.
In addition to shopping around for lenders, we recommend contacting our local Indigo Mortgage team. We collaborate with multiple lenders across the state that provide jumbo loans, which increases the likelihood of finding the best rates and terms for borrowers needing such loans.