What is a Jumbo Loan?
Jumbo Loans exceed the maximum loan amounts established by Fannie Mae and Freddie Mac conventional loan limits. Rates on jumbo loans are typically higher than conforming loans. Jumbo Loans are typically used to buy more expensive homes and high-end custom construction homes. Typically Jumbo Loans require a higher down payment than traditional loans. Jumbo loans exceed the loan limit of conforming loans, which is $424,100 in most areas. If you live in a high-cost area, the conforming loan limit is $636,150. (Limits are allowed to be higher outside of the contiguous United States.
Jumbo Loan requirements
Traditionally, borrowers will face more stringent credit qualifications when applying for a jumbo loan, which typically require a minimum credit score of 700. (For a conforming loan, you’ll likely need a credit score of at least 620.) In order to get the best interest rate on a jumbo loan you would need 30% down payment however we have jumbo loans available with 10% down and no MI. Many lenders cap jumbo loan amounts at $3,000,000 but Dan O'Brien | Emerald Mortgage Partners has jumbo loan programs up to $5,000,000.
A jumbo loan can help purchase your dream home.
