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What Is A Jumbo Mortgage?
A “jumbo loan” or “jumbo mortgage” is a loan with a balance that exceeds the limits set by Fannie Mae and Freddie Mac, the federally-chartered mortgage banks that insure most home loans.
Because Fannie and Freddie won’t insure the loans, most borrowers must put at least 10-20% down and demonstrate a higher credit score and debt-to-income ratio than borrowers must demonstrate to obtain a conforming loan.
Jumbo Loans are usually used to finance luxury properties. They may be fixed-rate or adjustable. If your price range is $500,000 or more and you can pass a rigorous credit and income check, a jumbo loan may be the best option.
Choosing the right loan that matches your needs and getting the best rate for your specific situation can be a stressful and overwhelming process. We're here to help you go through the entire loan process in the smoothest way possible. Let's start with a FREE Jumbo Loan Quote.
Jumbo Loan Process
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