Conventional Jumbo Loans

A jumbo loan is when the mortgage amount exceeds conventional loan limits. MGN Funding offers a variety of fixed rate and adjustable rate mortgage programs. Interest rates on Jumbo Loans tend to be slightly higher than conventional loans because lenders generally have a higher risk.

We also offer combination loans that eliminate the requirement of private mortgage insurance (PMI). This means your mortgage is divided into a first and second mortgage, also known as a 1st and 2nd lien. You may qualify for a 80/15/5 loan or a 80/10/10, which would finance 80% of your home’s cost as a 1st lien and 15% or 10% as a 2nd lien — with just 5% or 10% down! These loan programs may help lower your monthly payment by eliminating PMI.