Jumbo Home Loans
Jumbo loans are a great option for home buyers who want to buy a luxury home or a property located in a hot real estate market.
What is a Jumbo Loan?
Luxury homes or properties located in high cost-of-living areas are often priced above the conventional conforming loan limit set by the Federal Housing Finance Agency (you can see the FHFA’s limits by area here). Home buyers looking to purchase properties priced above the limit often use a jumbo loan to finance their home.
Jumbo Loan Qualifications and Down Payments
Since jumbo loans are used for higher-priced homes, the loan program requirements are stricter. Home buyers who want to finance a property with a jumbo loan typically need a high credit score, and many jumbo loans also have larger down payment requirements.
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