Jumbo Loans

How Can a Jumbo Loan Help you When Buying a High Priced House?

So you have found your luxury dream home but you need a higher loan amount than the conforming loan limits. Do you have any other option?

Yes! You may qualify for a Jumbo loan. This is an excellent loan program for home buyers with good financial standing and can afford a higher mortgage payment. Now you must be wondering, what is a jumbo loan?

What is a Jumbo Loan?

A jumbo loan also called ‘non-conforming mortgage’ is a kind of loan that is higher than the standard conforming loan limits. It exceeds the loan amount limits that have been set by Fannie Mae; the Federal National Mortgage Association, and Freddie Mac; the Federal Home Loan Mortgage Corporation, regulate. These are the government-supported enterprises, which purchase mortgages from the lenders.

Jumbo loans are usually used for buying high-priced houses. Potential buyers for larger homes should have a strong and stable financial condition to secure large mortgage loans. They are required to have a high credit score with a low ratio of debt-to-income along with sufficient cash reserves to support their mortgage.

But before you go for a jumbo loan, remember that you should be capable of bearing a more significant financial burden. Fannie Mae or Freddie Mac, the chartered lenders of government for home loans, do not handle jumbo mortgages. This means that the jumbo loan is kept on the book of the lenders who have their requirements of underwriting. Jumbo loans are not purchased by government entities. Therefore, eligibility may vary depending on lender.

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