Jumbo loans have higher loan limits than others and are also known as non-conforming loans because they don't fit within the normal parameters set by Fannie Mae and Freddie Mac.
The loan amount that makes a loan Jumbo varies by state and county, contact a loan officer to find out what Jumbo loan amount you may qualify for in . Non-conforming loans tend to have some flexibility that conforming loans don't have. Those include:
Less than 20% down with no mortgage insurance
Higher debt-to-income ratio
Flexible income calculations
Credit score requirements typically aren't any stricter than non-conforming loans
Vast array of Jumbo loan programs to choose from
Financing up to $5 million
Qualification criteria and terms vary. If you have large financing needs a jumbo loan is the answer for you.
Are you ready to move forward with a purchase or refinance? Please give us a call at 888-810-1459 and let us help you secure financing for the purchase of a new home or save you money on the refinance of your existing home. Be sure to ask your loan officer about our closing costs incentives and our low rate guarantee!
Disclaimer: The information contained in this article has been prepared by an independent third party and is distributed to consumers for educational purposes only. The information is considered reliable but not guaranteed to be accurate. The opinions expressed in this article do not represent the opinions of Skyline Home Loans. Please consult with a licensed loan officer for expert advice regarding financing or refinancing a home.