WHAT’S A JUMBO MORTGAGE LOAN?
Jumbo mortgages are home loans that exceed conforming loan limits. A jumbo loan is one way to buy a high-priced or luxury home. If you have a lower debt-to-income ratio and a higher credit score, a jumbo loan may be right for you.
The limit on conforming loans is $424,100 in most areas of the country, but jumbo mortgages can exceed these limits.
WHY GET A JUMBO LOAN?
You’re ready to buy a home but live in one of the nation’s priciest housing markets. Inventory is low. Demand is high. And homes routinely cost over $1 million. Then you’re in the need for a Jumbo loan.