![]() ![]() That means minimum credit scores, minimum down payments, maximum debt–to–income ratio (DTI), and other criteria can vary a lot by lender. ![]() As a result, jumbo loan lenders can set their own requirements for borrowers. Want to see how much house you could afford today? Check your low-down-payment jumbo loan eligibility (Jan 7th, 2022)Ī jumbo mortgage is a “non–conforming loan,” meaning it surpasses the conforming loan limits set in place by Fannie Mae and Freddie Mac.īecause jumbo loans are considered non–conforming, they don’t have to meet underwriting standards set by Fannie and Freddie. In fact, some lenders will let you spend upwards of $2 million, with just 5 or 10 percent down and no mortgage insurance. Jumbo loans let you buy more than traditional loan limits allow – which is currently $ in most areas.Īnd thanks to new mortgage programs, you don’t need 20 or 30 percent down to get a jumbo loan anymore. That’s where a jumbo loan can come in handy. Got your eye on a bigger, better, more expensive home? You’re likely going to need a bigger mortgage. J7 min read A jumbo house needs a jumbo mortgage ![]()
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