Just like the name implies, jumbo loans are catered to larger borrow amounts. These loans are specifically for loans exceeding $625,000 and loans over $937,500 in certain “high-cost” designated areas.
- Fixed-rate or adjustable rate options
- No PMI for a down payments of 20% or higher
Why the Jumbo?
Large loan amounts are riskier for lenders to provide, so 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.
Still Not Sure?
It’s always best to get on the phone or correspond with a live professional. Our loan officers are proud to have a 95% satisfaction rate and are eager to get you on the right track to accomplish all your financial goals.
Contact us today for a free rate quote in just minutes, or just for some more information.