If you're buying in a high-cost area, building a custom home, or just have a growing family that requires more space, you may need a jumbo loan.
What you need to know about jumbo loansA jumbo home mortgage offers financing for homes with a price that exceeds the conforming loan limits. In 2021, the Federal Housing Finance Agency (FHFA) raised the maximum conforming loan limit for a single-family property from $510,400 up to $3 million. In high-cost areas, the maximum loan limit is $822,375 and Jumbo financing becomes an option if you are over that limit.
Jumbo home loans can come with stricter qualifying guidelines when compared to a Conventional home loan because the home buyer is taking out more than the typical loan amount. There are several factors that a lender will look at to determine if you qualify, including your credit history, income, and debt-to-income (DTI).
Ready to find out if a jumbo loan is right for you? Find a local loan officer near you.
A variety of options available to help you purchase your dream home
Fixed and adjustable rate options available
Buy that home you've been eyeing in a highly desirable market
Borrow the full amount needed instead of breaking it into 2 different loans