What is a Jumbo loan?
Jumbo loans are non-government loans that exceed the conforming loan limits set by Frannie Mae and Freddie Mac. These are for high-income borrowers looking to purchase a home loan from $726,200-$3 million.
Who qualifies for a Jumbo loan?
- Individuals with strong credit scores and assets
- Low debt-to-income ratio
- Those with a larger down payment
Benefits of a Jumbo Loan:
- Can exceed the limits set by the government-backed loans, with loans available up to $3 million
- Typically lower interest rates
If you are needing a loan that exceeds the conforming loan limits set by Frannie Mae and Freddie Mac, then this is a great choice.