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Jumbo Loans: Your Complete Guide

Buying in a high-cost-of-living area or looking for a luxury home? A jumbo loan may be the right loan option to purchase the home of your dreams.

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What exactly is a jumbo loan?

A jumbo loan is a type of home loan that exceeds the limits set by the Federal Housing Finance Agency (FHFA). These limits vary by county and state and can change annually. Look up the current limits for your area on the FHFA’s website.

Why choose a jumbo loan?

If you’re in a hot real estate market or looking for a higher-priced luxury home, a jumbo loan could be your next step toward home ownership. A jumbo loan is a great option for buyers who need to borrow more than the loan limits published by the FHFA. While jumbo interest rates tend to be higher than conforming loans (you are borrowing more money, after all), they are still very competitive with market rates.

How to Qualify for a Jumbo Loan

Jumbo loans are riskier for lenders because there is more money on the line, and lenders want to ensure jumbo borrowers have the means to make their monthly mortgage payments. Not surprisingly, many lenders have stricter qualifications for jumbo loans compared to other types of loans.

Common requirements for jumbo loans include higher down payment amounts, a higher credit score, and a lower debt-to-income ratio than other loan options. Lenders like for jumbo borrowers to show consistent and predictable income. That means if you’re self-employed or have varying sources of income, you’ll likely need to provide more documentation. Your lender will probably also ask to look at how much cash you have on hand to ensure you have enough in reserves to cover your mortgage payments.