What is a Jumbo loan?
A Jumbo mortgage can help you get into the home of your dreams! It is
a non-conforming loan, which simply means that the amount you want to
borrow is over $510,400 (or $765,600 in high-cost areas). Anything
under that would be a conforming, or Conventional Loan. Depending on
your needs, you should review the differences between a Fixed-Rate and
an Adjustable Rate Mortgage (ARM).
Can I qualify for a Jumbo home loan?
Because a Jumbo loan is not eligible for purchase by Fannie Mae or
Freddie Mac, they must be sold on the secondary market. What does that
mean for you? It means that they can have stricter credit score
guidelines and may require larger down payments. However, there are
many Jumbo home loans that do not require large down payments and may
not require mortgage insurance (MI).
The minimum credit score depends on a variety of factors, so be sure
to check with your Loan Officer about your specific situation.
How much is the down payment for a Jumbo mortgage?
The down payment required depends on a variety of factors. Prime Home Loans Home
Mortgage has a variety of Jumbo loans for our borrowers that can fit
almost any situation.
Get pre-qualified today to see how much home you can