JUMBO LOANS

A jumbo loan is a mortgage loan with a higher principal balance than a conventional loan. Jumbo loans are typically used to purchase more expensive homes or high-end luxury properties. They are also used to finance second homes and investment properties. Usually, jumbo loans require borrowers to make a 20% down payment and have a FICO credit score of 680 and above.

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ADVANTAGES OF JUMBO LOANS:


  • Loan limits are higher than conventional loans where housing is more expensive
  • Jumbo loans can be financed up to $3 million
  • Cash-out refinance jumbo loans can allow borrowers to get $750,000 in cash
  • Jumbo loans can be used for single-family homes, condos, co-ops, and planned unit communities