New York’s Best Mortgage Programs:

A Jumbo Mortgage is one with a loan amount above conventional loan limits. Jumbo Mortgages apply when the agency (FNMA and FHLMC) limits don’t cover the full loan amount. Fannie Mae (FNMA) and Freddie Mac (FHLMC) are large agencies that purchase mortgages on a secondary mortgage market. They set a limit on the maximum dollar value of any mortgage which they will purchase from an individual lender. Currently in New York , this limit is $417,000, but this changes every now and then. This leaves a portion of the market to look elsewhere for placement. Other large investors, such as insurance companies and banks, step in to fill the need with maximum mortgage amounts going to the $1 million or $2 million range. The average interest rates are typically greater than normal for conforming mortgages, and vary depending on property types and mortgage amount.