Have your eye on a luxury property? One with all the amazing amenities, in the most desired suburb? Make it yours with a jumbo loan.
A jumbo loan, also referred to as a non-conforming mortgage, is used for home buyers that need a loan greater than the conforming loan limit. Because of this, jumbo loans are the way to go. While jumbo loans have their benefits, they are also higher risk to the lender, which means they come with a different set of guidelines that require a higher credit score and larger down payment from the borrower.
Are you ready to go big when buying a home? See if you can finance with a jumbo loan.
- 700 minimum FICO score
- 10% minimum down payment
- 1-4 unit properties
- Loan amounts up to 3 million
- Primary and second homes
- Fixed rate & ARM options