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JUMBO LOAN FAQ - call 630-854-3459


What is a jumbo loan?

A jumbo loan, considered a non-conforming loan, is a loan for an amount that exceeds the conventional loan limit. This limit is determined by the Federal National Mortgage Association (FNMA) or Federal Home Loan Mortgage Corporation (FHLMC) guidelines. The limit for a conventional loan in Naperville and the Chicagoland area is currently $ 417,000; anything above this on a single family home would be a jumbo loans.  if you are purchasing a 2-4 unit, conventional loan limits are higher. 

How does the interest rates for jumbo loans compare to that of conventional loans?


The interest rate on a jumbo loan in Naperville and the Chicagoland area is comparable to that of a conforming loan.


Do jumbo loans require a down payment?

Yes. Smart Mortgage has Jumbo loans with as little as 10% down depending on loan size. 

Can you refinance a jumbo loan?

Yes, we have many loan programs to help you refinance your loan into a lower rate or shorter term.

Are jumbo loans only used for 2nd homes or vacation homes?


Yes, this is possible.  Smart Mortgage is licensed in Illinios.


Do I have to maintain Private Mortgage Insurance (“PMI”) on a jumbo loan?


Not always; we have programs to 90% loan to value without mortgage insurance.   There are ways to avoid paying PMI. PMI is only required for those who borrow more than 80% of the value of their home. As long as the Loan to Value (“LTV”) ratio is under 80%, PMI is optional. Many choose to split the mortgage into two parts, borrowing 80% with a jumbo loan and borrowing the rest with a higher interest 2nd mortgage. This alleviates the need for PMI on the primary/jumbo loan.

Contact Info

Patty Harrison

ph. 630-854-3459
fx. 630-904-1010
Cell: 630-854-3459
Smart Mortgage - 4003 Plainfield/Naperville Rd. #201 , Naperville, IL 60564
NMLS #230234/Company #222269 / Illinois Residential License #4870