A jumbo loan (AKA, the non-conforming mortgage), allows a borrower to purchase a more expensive or luxurious home with a loan amount that exceeds the normal conforming limit set by the Federal Housing Finance Agency.
The limit of a loan is typically $510,400 in most areas of the country. In areas with notable higher costs, the limit is as high as $765,600. If you have a low debt-to-income (DTI) ratio and a higher credit score, but you don’t have enough funds to bring the loan amount under the conforming limit, a jumbo loan might be the right option for you.
For more information, please get in touch with our team today! We’ll be happy to help you explore your options and help determine the program and product that is best for you.