Get a Jumbo Loan mortgage quote.
- Higher purchase limits
- Possible with as little as 10%, or even 5%, down
- Competitive rates
- Low rates for fixed and adjustable terms
- Quick approval and closing
WHAT IS A JUMBO HOME LOAN?
Jumbo mortgages are home loans that exceed Conforming1 loan limits. A jumbo loan is one way to buy a high-priced or luxury home. A jumbo loan may be suitable if you have a lower debt-to-income ratio and a higher credit score.
The limit on conforming loans varies by county and, in rare instances, even by neighborhood, but jumbo mortgages can exceed these limits.
The conforming loan limit is the dollar cap on the size of a mortgage Freddie Mac and Fannie Mae are willing to buy or guarantee. Mortgages that meet the support requirements of the two agencies are known as conforming loans. The limit is set by the FHFA every year in November and designated by the county.
What you should know about Jumbo Loans:
- Typically the minimum credit score is 700 for a Jumbo Mortgage approval. However, some Jumbo programs allow a credit score of 680 or lower.
- Some restrictions may include income and loan amount limits.
- Be prepared to pay a higher rate for a Jumbo Loan with a lower credit score.