What Is A Jumbo Mortgage Loan?
A Jumbo Mortgage Loan is a type of loan with an amount that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA). The baseline limit can vary depending on the median house costs in your county, areas with higher housing costs typically have a higher limit.
Above that limit you’ll need to get a Jumbo Mortgage, which allows the higher loan limit. These loans generally are more difficult to qualify for, requiring higher credit scores and larger down payments.
Why Choose A Jumbo Mortgage Loan?
If you’re considering a home beyond the conforming loan limits, be sure you understand whether you can afford a nonconforming loan and what this type of loan would mean for your finances – after all, the larger the loan, the higher the monthly payment.
If you think a Jumbo Mortgage Loan is right for you, it can be a beneficial option. But before you enter the process, be sure you now what the loan limits are for your area and that you understand what this type of loan program would mean for your financial picture.
Thinking about a Jumbo Mortgage Loan? Our mortgage specialists at Preferred Mortgage Source are here to help whether you would like to consider a jumbo mortgage or explore the many other mortgage products we have available. Give us a call at 404-383-1003 or complete our easy contact form below. One of our experienced mortgage advisors will contact you soon.
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