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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