If you are looking at a luxury home or live in an area of the country where the cost of living is high, a jumbo loan may be the answer.Get started today
What you need to know about Jumbo loans.
A Jumbo mortgage offers financing for those homes with a price tag that exceeds the conforming loan limits. In 2021, the Federal Housing Finance Agency (FHFA) raised the maximum conforming loan limit for a single-family property from $510,400 to $548,250. In high-cost areas, that maximum loan limit is $822,375. Jumbo financing becomes an option if you are over that limit.
Can I qualify for a Jumbo mortgage?Jumbo loans can come with stricter qualifying guidelines when compared to a Conventional loan because the homebuyer is taking out more than the typical loan amount. There are several factors that a lender will look at to determine if you qualify, including your credit history, income, and debt-to-income (DTI). The minimum credit score depends on a variety of factors, so be sure to check with your Loan Officer about your specific situation.
Ready to discover if a Jumbo loan is right for you? Find a local loan officer near you.
A variety of options available to help you purchase your dream home
Fixed and adjustable rate options available
Buy that home you've been eyeing in a highly desirable market
Borrow the full amount needed instead of breaking it into 2 different loans