Jumbo loans allow some buyers to afford dream or luxury homes with larger, often non-conforming, mortgages at slightly higher interest rates than conventional loans. With fixed-rate jumbo loans, buyers can currently lock in competitive rates and stable monthly payments for years to come.
Jumbo loans generally exceed the limits of conventional, government-backed loans, which tend to be capped. Buyers must typically make a down payment of 20% to qualify for jumbo loans. The benefits of a jumbo loan are that they enable buyers to apply for larger home loans, and they tend to offer more opportunity to negotiate fees and interest.
Contact Karen to see if a jumbo loan is right for you, or click prequalify below to get started on your home loan request.