Jumbo Mortgages

What is it?

A jumbo mortgage is a loan for a high-priced property that's above the limits of a conventional loan, $417,000 in most parts of the country. 

Advantages of a jumbo loan

  • It allows you to buy a home in more expensive parts of the country where $417,000 is a more average price.

Disadvantages of a jumbo loan

  • You generally have to pay a higher down payment. 
  • Most lenders require a higher credit score and a lower debt-to-income ratio than they would for other loans. 

Is it right for you?

A jumbo loan might be a good option for someone who: 

  • lives in an area with high real estate values
  • has a stable income to make the loan payments
  • has the necessary credit and debt-to-income ratio to qualify

What would your mortgage payment be if you got a jumbo loan? Use our mortgage calculator to find out. 

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