Jumbo loans are mortgage loans that exceed conforming loan limits which is above the conventional/conforming loan limit. A jumbo loan is one way to buy a high-priced or luxury home.
If you have a lower debt-to-income ratio, a higher credit score, and a larger down payment, a jumbo loan may be right for you.
- Increased purchase limits
- The lowest rates for higher-priced properties.
- Fixed-rate and ARM options
- Are buying a home that exceeds conforming loan limits
- Have an established credit history
- Can put at least 15% down on a home
- 6 months Principal Interest Taxes and Insurance in reserves required (and HOA if applicable)