Jumbo Mortgage Loan
Go bigger with a Jumbo loan!
A jumbo home loan is a mortgage used to finance properties that exceed the conforming loan limits set by the Federal Housing Finance Agency (FHFA), which means they are too large to be purchased or guaranteed by Fannie Mae or Freddie Mac. Because of the increased loan size, jumbo loans typically require stronger borrower qualifications, such as higher credit scores, larger down payments, lower debt-to-income ratios, and more extensive documentation of income and assets. They are commonly used for luxury homes, high-value properties, or homes in areas with elevated real estate prices, and can come in fixed-rate or adjustable-rate options similar to traditional loans.
