What is a Jumbo Loan?
A jumbo loan, also known as a jumbo mortgage, is a home loan that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA). Jumbo loans are designed for properties that are more expensive and require larger loan amounts than conforming loans. Contact us today to find out the loan limits for your area.
Financing Above the Conforming Limit
A jumbo mortgage is a conventional loan above the applicable conforming loan limit. Limits vary by year, location and number of units. The purchase price alone does not determine whether a loan is jumbo; the amount borrowed matters.
Lender Requirements Vary
Credit, income documentation, debt obligations, down payment, reserves and property requirements depend on the lender and program. There is no universal jumbo-loan approval threshold or guarantee of a lower rate.
Compare the Whole Offer
Review the interest rate, fees, loan term, cash needed at closing and funds remaining after closing. Compare available financing structures with your advisor, including the cost and complexity of any additional loan.
Plan Your Purchase or Refinance
Ask a TGBMC home loan advisor, call (469) 351-1081, or start your secure application.
An inquiry is not a loan approval or rate lock. Use the secure application process for financial documents.
Official resource: Learn more about this program.
It is important to carefully evaluate your options and speak with The Good Buy Mortgage Company to determine if a Jumbo loan is right for you. Contact us today!
