If you are house shopping in a pricey area or seeking a high-end home, a jumbo loan is the solution to your needs.
Minimum of 660 FICO
Minimum 680 FICO on cash-out refinances
Down payments as low as 3.5%
Maximum DTI 43%
Eligible for Single Family, PUD, Condo, and 2-4 Unit properties
Available to first time homebuyers
A jumbo loan is a type of home loan that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA) for Fannie Mae and Freddie Mac. Jumbo mortgages are similar to conventional loans with exception of the loan limit difference. In 2023, single-family mortgages with balances higher than $726,200 in most U.S. counties (and $1,089,300 in high-cost areas) are considered jumbo.
While Jumbo loans are designed to provide the funding for high-value properties such as luxury homes and vacation homes, they can also be useful for average homes that are just located in a higher priced housing market.