What is a Jumbo loan?
A Jumbo mortgage can help you get into the home of your dreams! It is a non-conforming loan, which simply means that the amount you want to borrow is over $510,400 (or $765,600 in high-cost areas). Anything under that would be a conforming, or Conventional Loan. Depending on your needs, you should review the differences between a Fixed-Rate and an Adjustable Rate Mortgage (ARM).
Can I qualify for a Jumbo home loan?
Because a Jumbo loan is not eligible for purchase by Fannie Mae or Freddie Mac, they must be sold on the secondary market. What does that mean for you? It means that they can have stricter credit score guidelines and may require larger down payments. However, there are many Jumbo home loans that do not require large down payments and may not require mortgage insurance (MI).
The minimum credit score depends on a variety of factors, so be sure to check with your Loan Officer about your specific situation.
How much is the down payment for a Jumbo mortgage?
The down payment required depends on a variety of factors. Lennar Mortgage has a variety of Jumbo loans for our borrowers that can fit almost any situation.
Get pre-qualified today to see how much home you can afford!