- A jumbo loan is typically a loan that exceeds $424,100. This amount can change each calendar year determined by both Fannie Mae and Freddie Mac.
- Government loans like FHA , VA also offer jumbo loan programs .
- Jumbo loan limits vary by state and county median incomes so check the loan limits for your county before applying for your purchase or refinance loan. More information at www.fanniemae.com/loanlimits
- These loans often have a slightly higher interest rate to offset the risk of a higher loan amount.
- Require higher middle credit scores and lower debt to income ratios than most other non-jumbo loan products.
So you have finally outgrown the home that you have lived in and need a larger home to accommodate the family…the jumbo loan may be the right loan for you. Offering both fixed and adjustable rates, Residential Mortgage Solutions can help you find a jumbo with an affordable payment. These types of loans have a slightly higher interest rate to offset the risk of a higher loan amount. The underwriting guidelines for Jumbo loans are also a bit more stringent as it relates to credit, income, assets and debt to income ratio requirements. Jumbo loans can come in many types of loan products including…. Conventional, VA, FHA and non-conforming portfolio loans. We have numerous investors that allow us offer s variety of jumbo products up to $2.5 million. Give us a call today, to see what jumbo loan program meets your financial goals.