- 01. Who It's For
- 02. Benefits
- 03. Eligibility
Is a Jumbo Loan Right for You?
Maximum conforming loan amounts vary across counties. Consider a jumbo loan if you need a loan that exceeds your county’s limit. Learn more about jumbo loan benefits and if you meet eligibility requirements.
Jumbo Loan Eligibility Requirements
- Good credit score
- A deposit of 20% or higher
- Proof that you are able to repay the loan
- Statement of assets
Why are rates higher with jumbo mortgages?
The rates are typically higher with jumbo mortgages because of the higher risk associated with financing a larger property. If the loan defaults, it may be harder to sell the property and to recover any losses.
How do I find my county’s conforming loan limit?
Here is a good starting point for current county conforming loan limits. Keep in mind that these change every year.
Do I really have to put down a 20% deposit?
A larger deposit generally means a lower risk of default (as the borrower has put down more of their own cash). This is to mitigate the higher risk involved for the lender. To qualify for a jumbo loan with a smaller down payment, you will need a really good credit history, strong income, or reserve assets that can cover 6-12 months of payment.
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