Jumbo Home
Loans
Is a jumbo loan right for you?
That’s correct! Jumbo loans are a type of mortgage that are designed to help borrowers finance higher-priced properties that exceed the loan limits set by Fannie Mae and Freddie Mac for conventional loans.
Benefits of a jumbo loan
- Jumbo loans are a great option if you are purchasing a high-end home that requires a loan that exceeds the conforming loan limits set by Fannie Mae and Freddie Mac.
- One benefit of making a larger down payment on a jumbo loan is that it can help you avoid the cost of private mortgage insurance (PMI), which is typically required on conventional loans with less than a 20% down payment.
Jumbo loan eligibility requirements
- Good credit
- A down payment of 20% or higher
- 43% debt to income ratio
- Income documents
It’s important to determine your budget and financial goals before considering any home financing options. This will help you determine how much you can afford to spend on a home and what type of financing will best meet your needs.
