Jumbo Home Loans
A Jumbo home loan is for larger mortgages that fall outside of the government-backed requirements (or conforming requirements) defined by Freddie Mac and Fannie Mae. That means Jumbo loans have somewhat higher rates as they are considered slightly higher risk.
A jumbo mortgage is generally used when the loan amount exceeds the applicable conforming loan limit for the area in which the property is located.
Is a jumbo mortgage right for you?
If you can afford the monthly mortgage payment of a higher-value home but don’t have enough down payment to meet the conforming limits of a government-backed loan, a Jumbo mortgage may be an option to consider. Jumbo mortgages may require similar credit score, down payment, debt-to-income ratios, and closing costs as conforming loans.
Get a risk-free Jumbo mortgage quote
Or see if there are other options suited for your specific situation.
