Jumbo Loans
Jumbo loans let you borrow more money if you're looking at homes in higher-priced real estate markets. Since the loan amounts are larger, they usually have more qualification requirements.
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What is a jumbo loan?
Jumbo loans (often referred to as non-conforming loans) are used when you want to buy a home that exceeds conforming loan limits. A conforming loan limit is the mortgage amount that could be backed by Fannie Mae and Freddie Mac.
For many counties, a jumbo loan is when you're applying for a loan more than:
- Allows home buyers to get a larger loan without tapping into savings
- Offers higher loan amounts with higher loan-to-value (LTV) ratios compared to other loans
- Offers fixed and adjustable rate mortgage options
- May have cash reserve or deposit requirements
- May require a higher credit score than other loan types
- Debt-to-income (DTI) ratio requirements may differ compared to other loan types
Explore other loan options
Conventional loans
A popular option for anyone with good credit and a down payment of 20% or more.
Federal Housing Administration (FHA) loans
Helpful if you have a lower down payment, are self-employed or don't qualify for a conventional loan.
Veterans Affairs (VA) loans
Offered to U.S. servicemembers, veterans and military spouses, and are guaranteed by the Department of Veterans Affairs.