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
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)
What Are Our Customers Saying?