Jumbo Loans
Jumbo Loans: Everything You Need to Know
What is a Jumbo home loan?
Jumbo loans are usually higher and offer more luxury when compared to other loans. The set limit is usually $417,000, but some typically reach up to $625,500 in high-end regions.
The qualifying conditions for jumbo loans are similar to those of conventional loans but differ in down payment plans and credit scores which are more stringent to clients.
How are Jumbo Loans Different?
Jumbo loans are usually higher and offer more luxury when compared to other loans. The loan amount usually surpasses any limits set by Freddie Mac and Fannie Mae. The set limit is typically $417,000, but some amounts usually reach up to $625,500 in high-end regions.
What are the benefits of a Jumbo Loan?
Allows you to purchase a higher priced home. You can tell your friends you have a jumbo loan. You don’t have to take out two or more loans, it’s a one loan mortgage. You can choose from a fixed or AR. You’ll now have room for the Mother in law (yay!)
*Loan terms are subject to change. This information is meant for educational purposes and is not a commitment to lend. To qualify for a conventional mortgage loan, please reach out to our licensed loan officers, or apply online.
