Jumbo Loans
Think BIG with a Jumbo Loan
A jumbo loan, or non-conforming mortgage, allows you to purchase more expensive homes with a loan amount above the conforming limit set by the Federal Housing Finance Agency. In most areas of the country, the conventional conforming loan limit is $417,000; however, the limit is $625,500 in higher cost areas.
Jumbo Loan Highlights
If you have a low debt-to-income (DTI) ratio and a higher credit score, but you don’t have enough funds to bring the loan amount under the conforming limit, a jumbo loan might be the right option for you. Highlights of non-conforming loans include:
-
Finance a home over the maximum loan amount established by the Federal Housing Finance Agency
-
Higher purchase limits allow borrower to purchase more house
-
Convenience of one loan for the entire loan amount
-
Primary residence, second home or investment property
-
Fixed-rate or adjustable-rate mortgages (ARM)