A jumbo loan is any home loan that exceeds a specific threshold called the conforming loan limit. Currently, the conforming loan limit for a single-family home is $424,100.
Qualifying for a jumbo loan typically requires higher credit scores, lower debt-to- income ratios, higher reserves and larger down payments than qualifying for a standard conforming home loan.
Jumbo loans offer:
- Loan amounts up to $2.5 million
- Low down payments beginning at 5%
- Fixed and adjustable rates
- Loans for primary, secondary and investment properties
- Additional underwriting requirements will vary by borrower situation
To learn more about Jumbo loans and how to apply, give us a call today at (484) 893-4100 or email us at www.TraditionalMortgageLoans.com