The smallest amount for a jumbo loan this year is $417,000. The price to take out one of these loans in Hawaii, Alaska, the U.S Virgin Islands and Guam is $625,000. If you need to get a jumbo loan then the minimum amount available is $650,000. These prices are set by the Office of Federal Housing Enterprise Oversight in January of each year.
The interest rate on these loans is much higher than normal for a conforming loan. The interest rate is generally different for everyone taking out one of these loans due to the property types and mortgage amount. Recently more people have been applying to jumbo loans due to the increase in buying a house. This is allowing people to pay the loans back over a longer period of time. 80/20 loans are becoming more popular for people buying homes since it doesn’t require to pay the PMI and it allows you to take up to 80% of the loans out.