A jumbo loan is a type of mortgage that exceeds the limits set by the Federal Housing Finance Agency (FHFA) and is designed for homebuyers looking at more expensive residences. Typically, these loans apply to homes in high cost of living areas or those priced over conventional loan limits. The qualifications for a jumbo loan are stricter, requiring a higher credit score, a lower debt-to-income ratio, and more substantial income and assets. Awareness of local conforming loan limits, which vary by location, is essential when considering a jumbo loan for your home purchase.
A jumbo loan is a mortgage loan that exceeds the limits set by the Federal Housing Finance Agency (FHFA), offering financing for more expensive homes.
Jumbo loans require stricter qualifications, such as a higher credit score, low debt-to-income ratio, and significant assets, making them less accessible to all buyers.
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