Jumbo Loans For Higher Priced Homes
A “Jumbo” loan or mortgage, is a loan that exceeds the loan limits set for that particular county by the Federal Housing Finance Agency (FHFA) for conforming or Conventional loans. In most areas a Conforming limit is sufficient, but some areas or properties appreciate beyond these limits and the Jumbo product is appropriate and available for consumers.
FAQ For Jumbo Loans
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What is the downpayment?
On average a 10-20% down payment is required, but more money down will lead to lower interest rates.
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What credit score is needed?
A jumbo loan is going to require a credit score of typically 680+ with terms ranging from 15-30 years. I will work with you to keep your payment and the terms of your loan in a comfortable range to fit your financial goals.
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Can I get a Jumbo Loan if I already have debt? (Debt To Income Ratio)
Lenders prefer to see a low DTI, for assurance of monthly payments. Having a low DTI is important, typically at or under 50%.
Is a Jumbo Loan Right For You?
If you are looking to purchase a personal home that has a high price tag, and don’t mind a higher payment, this loan could be for you. The interest rates are competitive and flexible and borrowers do have the ability to refinance when the time is right.
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