Jumbo Loans

Jumbo Loans

These are mortgages that exceed the borrowing limits for typical conventional loans. The specific threshold at which a loan becomes “jumbo” varies by location and changes periodically 23. Jumbo loans are typically available with either a fixed interest rate or an adjustable rate, and they come with a variety of terms.

Here are some points to consider when a Jumbo loan makes sense:

Higher loan amount: Jumbo loans are ideal for borrowers who need to finance properties that are too expensive for a conventional conforming loan. The maximum amount for a conforming loan in 2024 is $766,550 in most counties, as determined by the Federal Housing Finance Agency (FHFA). Homes that exceed the local conforming loan limit require a jumbo loan.

Good credit score: Lenders may require your FICO score to be higher than 700, and sometimes as high as 720, to qualify for a jumbo loan.

Down payment: Jumbo loans typically require a down payment of at least 20% of the purchase price. However, some lenders may offer jumbo loans with a lower down payment.

VA loans: These are home loans that are guaranteed by the Department of Veterans Affairs. They are available to eligible veterans, active-duty service members, and surviving spouses. VA loans offer several benefits such as no down payment, no private mortgage insurance (PMI), and competitive interest rates of 1456. Here are some points to consider when a VA loan makes sense:

Eligibility: VA loans are available to eligible veterans, active-duty service members, and surviving spouses. To be eligible, you must meet certain service requirements and obtain a Certificate of Eligibility (COE).

No down payment: VA loans do not require a down payment, making them an attractive option for borrowers who cannot afford a large down payment.

No private mortgage insurance (PMI): VA loans do not require private mortgage insurance (PMI), which can save you thousands of dollars over the life of your loan.

Competitive interest rates: VA loans offer competitive interest rates, which can help you save money over the life of your loan

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