Loan Options
High Balance & Jumbo Loans
High Balance Mortgage Loans
If you want to buy in an area considered high cost, or where properties typically exceed loan limits set annually by the Federal Housing Finance Agency, our high balance mortgage loans may be the solution you’re looking for. George Mason Mortgage offers high balance loans from both conventional and government home loan programs.
You can use a high-balance mortgage loan to buy a home, for a limited cash-out refinance, or for a cash-out refinance. They apply to either fixed-rate or adjustable-rate mortgages, and also to condominiums, cooperative apartments and manufactured homes that have between one and four units.
High Balance Financing for High Cost Areas
- Competitive interest rates
- Loan amounts exceeding $766,550 and up to $1,149,825 for 1-unit properties in designated high cost areas
- Primary residence, second/vacation home and investment property options
- Condo financing available
Jumbo Loans
When You Need a Loan Above the Conforming Limit
Like high-balance mortgage loans, jumbo loans are designed for those who want to make a home purchase with a loan that’s larger than the conforming loan limit, but need to borrow even more money than what a high-balance loan can offer.
What Can You Do When You Live in a High-Priced Area?
Get on the phone and talk to a lender about taking on a jumbo mortgage.
A type of non-conforming loan, jumbos in most housing markets can buy you a home worth more than $766,550. Non-conforming loans are any that exceed that funding limit. In some high-priced markets, the minimum financing threshold starts at $1,149,825.
Jumbo Loans for High Cost Areas
- A large loan for a more expensive home
- Loan amounts exceeding $1,149,825 for 1-unit properties in designated high cost areas
- Primary residence and single-family units only
- Second/vacation home and investment property available with VA Jumbo Loans
- Condo financing available
Get Started on Your Journey Home
- For example: A $400,000 purchase with 5% down payment of $20,000 would result in 360 equal payments of $1,628 for $380,000 borrowed based on an APR of 3.298 %. (APR is based on a sample interest rate of 3.125% plus 2 discount points and no closing or prepaid fees (which your loan will have); payment amount includes principal and interest only.
- No mortgage insurance required up to 90% or 95% loan-to-value depending on specific program guidelines.
- Allows use of financial assets in place of, or in addition to, your income or employment to qualify.
Knowledge Base
FHFA Announces Conforming Loan Limits for 2024
Baseline Conforming Limit Will Increase to $766,550 FHFA Announces Conforming Loan Limits for 2024 | Federal Housing Finance Agency Washington, D.C. – The Federal Housing Finance ...
Mortgage Soft Pull for Stress-Free Home Shopping
Welcome to George Mason Mortgage – Your Key to Stress-Free Home Buying! Are you ready to embark on your home-buying journey? We believe that knowledge ...
Federal Home Loan Bank (FHLB) of Atlanta provides Grants for Community Partners and First-Time Homebuyers
Opening Doors for More Homebuyers George Mason Mortgage understands that saving money for a down payment and closing costs is one of the most challenging ...
Rent prices out of this world?
At George Mason Mortgage, we understand the challenges you may be facing in today’s housing market, and we are here to empower you with viable ...
Achieve Your Dream Home and Tackle Student Debt with Maryland SmartBuy Program 3.0
Are you a Maryland resident dreaming of homeownership but burdened by student debt? The Maryland SmartBuy Program 3.0 is here to help you turn that ...
Unlocking Opportunities with Gifts, Grants, and Affordable Seconds
GIFTS Take advantage of the generosity of your loved ones or community organizations! This allows you to receive financial assistance from eligible donors to use ...
Unlock the Home of Your Dreams
Building your dream home or transforming your current property into the perfect living space requires careful planning and the right financial support. At George Mason ...
Essential Checklist for First-Time Homebuyers
Essential Checklist for First-Time Buyers: Your Path to a Successful Mortgage Journey Buying your first home is an exciting milestone! To ensure a smooth and ...
DC Open Doors and the Maryland Mortgage Program
DC Open Doors and Maryland Mortgage Program Purchasing a home can be a daunting experience, especially if you’re a first-time homebuyer. One way to make ...
9 Tips To Help You Prepare to Purchase Your First Home
9 Tips to Help You Prepare to Purchase Your First Home Buying your first home is an exciting milestone in life, but it can also ...
Greenbelt Home Advantage
The Maryland Mortgage Program – Greenbelt Home Advantage Are you a renter in the City of Greenbelt? We are excited to share that if you ...
The Building and Financing Process
There are several important steps you should take to ensure a successful building and financing process.
One-Time Close Construction Loans
One-Time Close Construction Loan Program GMM’s One Time Close is available for New Construction and Renovation projects. This program offers you the benefit of ...
What Is A Mortgage Recast?
You have probably heard of refinancing your mortgage as a way to potentially lower your monthly mortgage payments. There is also another possible option called ...
How Do Down Payment & Closing Cost Assistance Programs Work?
Who Can Receive Down Payment Assistance? While many down payment assistance programs are often paired with loan options for first-time homebuyers, this is not always ...
FHFA Announces Conforming Loan Limits for 2023
Baseline Conforming Limit Will Increase to $726,200 FHFA Announces Conforming Loan Limits for 2023 | Federal Housing Finance Agency Washington, D.C. – The Federal Housing Finance ...
Home Inspections
Home inspections give you the opportunity to have the home thoroughly examined by a professional before you spend any money to purchase it. Paying for ...
10 Homebuying Terms Everyone Should Know
Here is a list of frequently used homebuying terms and their definitions. What is an adjustable-rate mortgage (ARM)? An adjustable-rate mortgage is a type of ...
What Is Commonly Negotiated When Buying A Home?
With homebuying, everything is negotiable, from repairs and closing costs to furniture and appliances. Offers and counteroffers can negotiate on a mix of these factors. ...
7 Ways to Stand Out as a Potential Homebuyer
With rates near all-time lows, the housing market is buzzing with potential buyers! Low rates mean more affordable payments or more home for your money, ...
Virginia Housing Update
Virginia Housing (formerly referred to as VHDA) offers affordable loan programs for Virginians. With the update of Income and Sales Prices in addition to an ...
5 Tips for Making an Offer on a Home
1. Check your emotions Buying a home can be both exciting and stressful. And, after a long home search, it’s easy to overlook some red ...
Get Your Cash Back
Paying cash for a home has benefits. Take advantage of being a cash buyer to give the seller confidence the transaction will close quickly and ...
The Lowdown on Down Payments & Mortgage Insurance
Many first time home buyers believe they must put 20 percent down on a home. But that is far from the truth! In 2019, NAR ...