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

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 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 $647,200. Non-conforming loans are any that exceed that funding limit. In some high-priced markets, the minimum financing threshold starts at $970,800.

Jumbo Loans for High Cost Areas

Get Started on Your Journey Home
  1. 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.
  2. No mortgage insurance required up to 90% or 95% loan-to-value depending on specific program guidelines.
  3. Allows use of financial assets in place of, or in addition to, your income or employment to qualify.
Knowledge Base

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 2021 Announcement

FHFA Announces Conforming Loan Limits for 2022

Baseline Conforming Limit Will Increase to $647,200 FHFA Announces Conforming Loan Limits for 2022 | 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

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

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 …

9 Tips for Purchasing Your First Home

9 Tips for Purchasing Your First Home

Beginning the home buying process can be a very exciting, yet nerve-wracking experience for anyone starting off. These tips will help answer some questions to …

Home Improvement Projects with the Best ROI

Whether you’ve purchased a fixer-upper or are thinking about selling your home in the near future, it’s important to determine which renovations or upgrades can add value to your property.

Homebuyer Options

Homebuyer Options

Low Down Payment Programs & Grants George Mason Mortgage has the program options to fit your story and our experienced mortgage professionals will help find …

Moving Checklist

Moving Checklist

6-8 Weeks Before Moving Budget for moving expenses and obtain estimates from moving companies Call insurance companies to identify record changes Cancel or transfer gym, …

GMM Connect Background

ICE Mortgage Technology Case Study

In an effort to improve the mortgage lending experience, Fannie Mae and Freddie Mae required significant changes to the Uniform Residential Loan Application (URLA) used …

Refinancing 101

Refinancing 101

Rates have hit an all-time low and have left homeowners scrambling to refinance their mortgages. You have most likely heard in casual conversations with friends …

Your Journey Home

Knowing the path will travel together helps the journey go more smoothly. We have outlined some important highlights so you know what to expect along …

Homebuyer Tips

Our goal is to make your home buying experience as smooth as possible. We have highlighted some best practices to help keep your finances in …

Getting Started

Whether you are buying your first home, right-sizing now that the kids are gone, navigating the jumbo luxury market, renovating your home, or working with …

Choosing The Right Down Payment

A down payment is the amount you pay toward the home yourself. You put a percentage of the home’s value down and borrow the rest …

Built Just For You

NEW CONSTRUCTION, CUSTOM HOME & RENOVATION HOME LOANS Our extensive knowledge of the new construction and renovation loan market allows us to offer a wide …

Scroll to Top