Jumbos are for large loan amounts, specifically hose exceeding conventional loan limits. they include:
- Fixed-rate or adjustable rate options
- No PMI for a down payments of 20% or higher
Why the Jumbo?
There are limits to how much you can borrow with a conforming loan (i.e. fixed-rate and ARM). If your dream home happens to be in a more expensive area which exceeds those limits, a larger loan is going to be necessary. The only downside is that it can be difficult for borrowers with lower credit scores to qualify.
Get in contact with our team today to find out if a jumbo is right for you. With so many options, it makes sense to chat with the pros and save yourself some time.