A jumbo loan is any home loan that exceeds a specific threshold called the conforming loan limit. Currently, the conforming loan limit for a single-family home is $647,200.
Qualifying for a jumbo loan typically requires higher credit scores, lower debt-to- income ratios, higher reserves and larger down payments than qualifying for a standard conforming home loan.
Offered With Jumbo Loans:
- Loan amounts up to $2.5 million
- Low down payments beginning at 5%
- Fixed and adjustable rates
- Loans for primary, secondary and investment properties
- Additional underwriting requirements will vary by borrower situation