Jumbo loans are for borrowers purchasing or refinancing a residential property with a loan amount that exceeds $453,100. Qualification requirements for income, credit history, and assets may be higher than traditional conventional loans.
What You Need to Know
A jumbo loan allows borrowers purchasing higher priced homes to not drain their savings by allowing loan amounts in excess of $453,100.
Jumbo loans may require a 20% down payment and good or excellent credit history.
There are several factors that affect whether you might require a jumbo loan:
- The value and location of your home
- The amount of your down payment
- The possibility of obtaining two mortgages