What is a Jumbo Loan?
Jumbo loans provide an opportunity for buyers to finance luxury homes or properties in hot real estate markets. A jumbo loan is a type of mortgage that exceeds limits set by the Federal Housing Finance Agency (FHFA). You can look up current limits on the FHFA’s website. Loan limits vary by county and state, and can change annually, so it’s important to understand the limits for your area.
Jumbo Loans Qualifications and Down Payments
If you’re interested in buying a higher priced home, a jumbo loan could be your next step towards home ownership. Many borrowers use jumbo loans when they are searching for homes that are priced higher than the loan limits published by the Federal Housing Finance Agency (FHFA).