What is a jumbo loan? [Full overview in 2 minutes]

Описание: 🔴 Attend a FREE live first-time homebuyer seminar online 👉 https://loanfully.com/seminar
🏠 Get pre-approved for a home loan online 👉 https://loanfully.com/preapproval


👋 Connect with me on other platforms:
  / kristinamorales  
  / loanfully  
  / kristina.morales.90  
  / loanfully  


A jumbo loan is a type of mortgage that exceeds the conforming loan limits set by Fannie Mae and Freddie Mac. The conforming loan limits are 806,250 for a single family home in most US counties, or for high cost areas, the limit is $1,209,750.

Once a loan exceeds the respective limit, the loan is considered to be a jumbo loan. Here's a quick jumbo loan overview. Jumbo loans are used to finance luxury properties or homes in competitive markets where prices exceed conforming limits.

They are not backed by Fannie Mae or Freddie Mac, and they are typically offered by private lenders or banks. Some key characteristics of jumbo loans are that they have stricter credit requirements, higher credit scores, often above 700.

They require larger down payments, usually 10 to 20% or more, and they have lower DTI income ratios that are expected. They require full documentation of income, assets, and employment, and they may have higher interest rates, although this could vary depending on market conditions.

A jumbo loan is designed for high value home purchases that exceed the standard conforming limits. Because they carry more risk to the lender, they come with tighter qualification standards.

But they offer flexibility for borrowers buying in high cost areas or seeking luxury properties. If you're interested in learning more about jumbo loans and or if you wanna see if you qualify for one, please schedule a call with me today.

If you have any other questions on jumbo loans, please feel free to reach out to me. I'm always happy to help. Also, check out this comprehensive resource explaining jumbo loans in more detail https://loanfully.com/glossary/jumbo-...