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.