Jumbo loans are for those purchasing a high-priced or luxury home and need a loan larger than the conforming loan limits. There are larger down payment and reserve requirements. A jumbo loan may be right for you if you have a lower debt-to-income ratio, a good credit score, and a large down payment. Jumbo loans can exceed the conforming loan limits of $424,100 and go as high as $5 million with us!
FAQs about Jumbo Loans:
- Must have documented income
- Monthly mortgage payment can be no more than 38% of your income
- Available for primary residences, second or vacation homes, and investments properties
- Available terms include fixed-rate and adjustable rate loans
- Generally have a higher interest rate
Think you may be interested in applying for a jumbo loan? APPLY HERE