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JUMBO LOANS

Major Mortgage Can Accommodate Your Jumbo Loan Needs

Meet Susan And Mark

  • They’re Looking For A 15 Year Or 30 Year Loan
  • They Have A Larger Budget
  • They’re Able To Make A 20% Down Payment To Avoid Mortgage Insurance
  • The Home They Are Purchasing Exceeds The Limit Of $510,400 set by Fannie Mae and Freddie Mac

Meet Susan And Mark

  • They’re Looking For A 15 Year Or 30 Year Loan
  • They Have A Larger Budget
  • They’re Able To Make A 20% Down Payment To Avoid Mortgage Insurance
  • The Home They Are Purchasing Exceeds The Limit Of $510,400 set by Fannie Mae and Freddie Mac
Jumbo Loan | Major Mortgage | couple On Bench

We Make The Home Buying Process As Smooth As Possible

What Is A Jumbo Loan?

A Jumbo Loan is a mortgage that is more than the conforming limit set by Fannie Mae and Freddie Mac. In 2020, the jumbo mortgage floor starts at $510,400 for most homes. This limit will vary depending on the limits for your area so the more expensive area you live in, the higher the floor for a jumbo mortgage. Jumbo loans may have more strict qualification requirements. They are for higher-priced homes, which means you need to prove you have a steady income to pay it back, a good credit score, and savings available after your funds for closing.

Jumbo Loan Key Takeaways:

  • Minimum 5% Down Payment
  • No Mortgage Insurance
  • For Loans Above $510,400

Other requirements and conditions apply

An Jumbo Loan might be be right for you:

  • You Can Afford A More Expensive Primary Or Second Home
  • You Have A Down Payment Saved Up
  • You’re Looking For a 15-Year or 30-Year Fixed Rate
  • You’re Looking For An Adjustable Rate Mortgage (ARM)

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