What is a Jumbo Loan?
Jumbo loans are those that exceed the limits set by Fannie Mae and Freddie Mac and therefore cannot be purchased by either enterprise. Because loans of this higher dollar value present a higher risk to lenders, jumbo loans typically carry a higher interest rate than conventional loans.
Jumbo Loan Eligibility Requirements:
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Strong income and employment history
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Assets and reserves that support an ability to repay
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High credit score
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The property may need more than one appraisal to ensure proper valuation
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Other conditions may be required, depending on your situation