Jumbo Loans - What Are They? | 2023

Описание: Jumbo loans are Non Conforming loans. This means they do not 'conform' to Conventional Guidelines. They are also better known as Jumbo Loans. These loans start where the Conventional Loans end. In 2023, the Conforming Limits are $726,200, so a Jumbo Loan would START at $726,201. Two, three and four unit properties have higher limits, as well as higher cost areas. High cost areas are usually on the states on both the west and east coast. We also go into some of the highlights of Jumbo requirements. Usually a 20% down payment is required and you'll most likely need to prove that you will have leftover money, better known as reserves, after the closing (12 months or more.) To summarize, Jumbo loans have stricter guidelines on credit & assets, higher down payment requirements, and they are non forgiving on paperwork.

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