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 $424,100. More specifically, however, a loan is jumbo if it is above the limit backed by Fannie Mae and Freddie Mac in your geographic area.
With these large loan amounts, qualifying standards can be a bit more stringent, usually higher credit scores and down payments are required. Borrowers also need to have more ‘reserves’ compared to other loan types.