Are you looking to buy a bigger home? If you are looking to make the move a jumbo mortgage might be right for you.
A jumbo mortgage is a home loan with an amount that exceeds conforming loan limits set by the Office of Federal Housing Enterprise Oversight (OFHEO) or better known as Fannie Mae and Freddie Mac. Currently, the loan limit is $417,000 in most parts of the United States, but can increase to $625,500 in the higher cost areas. OFHEO sets the conforming loan limit size on an annual basis.
Jumbo loans have slightly higher interest rates because they carry more credit risk.