What is a jumbo loan?
A jumbo loan is any single loan amount that exceeds the limit set by Fannie Mae and Freddie Mac, the two government-sponsored enterprises that buy mortgages from lenders. The limit is currently $417,000 for a one-unit property for the majority of the United States, but the confirming limit is higher in areas of the country where housing is more expensive.
What are the benefits of a jumbo loan?
- Can purchase with the minimum of a 10% down payment, no PMI
- Minimum FICO score is 650
- 80/10/10 Financing
- No private mortgage insurance is required
- Borrower can obtain a loan up to $2 million
If you are considering a jumbo mortgage loan or want to know if this loan is right for you, contact us today for further information and guidance.