A jumbo loan is a type of mortgage loan that has a higher loan amount than the conventional conforming limit. Jumbo loans are typically used to purchase more expensive homes and require higher credit scores and larger down payments than conventional conforming loans. Jumbo loans may also require more stringent qualifying criteria and have higher interest rates than conventional loans.
WHY GET A JUMBO LOAN?
Jumbo loans allow you to borrow more money than a conventional loan, so you can purchase a more expensive home.
Jumbo loans typically offer low interest rates and a variety of payment options.
You can use a jumbo loan to purchase a primary residence, second home, or investment property.
You can use the funds from a jumbo loan to cover the cost of renovations or repairs on a home.
With a jumbo loan, you can take advantage of more flexible underwriting criteria, allowing you to get approved with a less-than-perfect credit score.
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