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What Is a Jumbo Mortgage?

A jumbo loan is a mortgage that exceeds the conforming loan limits set by Fannie Mae and Freddie Mac. Available with fixed and adjustable terms, Jumbo loans allow consumers to purchase in excess of $548,250. With the higher loan amounts, additional restrictions do apply, these can include higher FICO requirements, larger down payments, limited cash out, occupancy and reserves. Credit challenged borrowers will find it’s difficult to qualify, Bankruptcies, Foreclosures and Short Sales are frowned upon.

Advantages: Ability to purchase above loan limits.

Programs: Purchase, Refinance and Cash out.

Benefits of Jumbo Loans:

If you are considering obtaining a jumbo mortgage below are some of the top benefits of this loan type:

  • Larger loan amounts up to $2 million available for higher-value properties
  • Helps you avoid using your savings to purchase the property
  • Choose from a variety of loan programs, including fixed-rate and adjustable-rate mortgages
  • Only one loan for the entire loan amount as opposed to multiple mortgages, providing quicker turnaround
  • 90% Loan-to-Value Purchase with no PMI

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