Jumbo Mortgage Loans
A jumbo mortgage, also known as a jumbo loan, is a type of loan that exceeds the limits set by the Federal Housing Finance Agency (FHFA). Used to purchase luxury properties and homes in expensive markets, jumbo mortgages are not eligible to be purchased, guaranteed, or securitized by Fannie Mae or Freddie Mac.
The value of a jumbo mortgage varies by state and sometimes by county. Jumbo Loans come with rigorous credit requirements, and approval requires a stellar credit scores and a very low debt-to-income ratio.
The average interest rate for a jumbo mortgage is often similar to those of conventional mortgages, but down payments are roughly 10% to 15% of the purchase price.
Even if you qualify for a jumbo loan, it may still not be the best option for you. There is a lot to understand and consider, and it pays to work with a lender you can trust. Not only will we find you a great rate, but we’ll work closely with you every step of the way. Learn More