Jumbo Loans vs. Conventional Loans
Applying for a jumbo loan can be intentional, or inadvertent after applying for a different lending product. If you're going for a home that far exceeds the loan maximum - $453,100 and $679,650 on a per-county basis - then ask a Banker for a jumbo loan application.
If, however, you plan to buy a conventional fixed-rate or VA loan, and your total down payment does not reduce the principle finance amount below the loan limit, then your loan will automatically become a jumbo mortgage. Either way, homes with higher real estate value are covered by Mutual of Omaha Mortgage!