In most of the country, a loan is considered jumbo if it exceeds $647,200. In areas deemed “high cost” by the Federal Housing Finance Agency, however, the limit can be as much as $970,800. This means that if you wanted to buy a home with a sales price of $900,000 and put 20% down, you’d need to take out a jumbo loan to finance the rest.
A Chevron Federal Credit Union jumbo loan can help you purchase a house that’s above the maximum limit allowed for conforming home loans by other lenders, such as Fannie Mae and Freddie Mac. Financing is available for owner-occupied, non-owner occupied second homes, multi-family units, and PUDs.