You’ve worked hard, scrimped, and saved. You deserve to buy your dream home. A jumbo loan can make that happen!
What Makes A Loan ‘Jumbo?’
The general rule of thumb is that a loan is jumbo if it is over $510,400 (as of 2020) for a single-family home. More specifically, however, a loan is jumbo if it is above the limit backed by Fannie Mae and Freddie Mac in your geographic area. Jumbo Loans are designed for higher price point homes. If you are ready to buy or build your dream home, a Jumbo Home Loan might be for your family!
With these larger home loan amounts, qualifying standards can be a bit more stringent, usually higher credit scores and down payments are required. Jumbo Loan guidelines are similar to coventional loan requirements but Borrowers also need to have more ‘reserves’ compared to other loan types.