JUMBO Home Loans
MEET SUSAN AND MARK
- They are looking for a 15-year or 30-year loan
- They have a larger budget
- They are 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
A Jumbo Loan might be right for you if:
- You can afford a more expensive primary or secondary home
- You have a down payment saved up
- You are looking for a 15-Year or 30-Year Fixed Rate
- You are looking for an Adjustable Rate Mortgage (ARM)