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Jumbo Loans

A jumbo loan, also known as a jumbo mortgage, is a type of financing that exceeds the limits set by the Federal Housing Finance Agency (FHFA). Unlike conventional mortgages, a jumbo loan is not eligible to be purchased, guaranteed, or securitized by Fannie Mae or Freddie Mac.  Currently Jumbo Mortgages are used for loans over $510,400.

Pros

  • Larger loans equal more buying power.
  • The average APR for a jumbo mortgage is often par with conventional mortgages, while down payments are roughly 10% to 15% of the total purchase price.

Cons

  • Stricter underwriting guidelines
  • Stricter Credit score requirements
  • Stricter debt to income requirements

Ready to talk to one of our local St Marys loan specialists about a jumbo home loan for a property in Camden County? Get in touch today!

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