Jumbo Loans

Jumbo Loans

Jumbo loans are a type of non-conforming loan, that allow financing for loan amounts that exceed the conforming maximum of $484,350 – $3M (depending on what area of the country you’re in the loan amount may vary). Since home prices for larger or luxury homes can often surpass this amount, this loan might be perfect for your dream home.

A jumbo loan is your best (or only) option if you need to borrow between $484,350 and $3,000,000 for a home purchase or refinance. Jumbo loan rates can be higher, lower, or the same as conforming loan amounts.

With the fluctuating market, jumbo home mortgage loans do call for stricter requirements than in years past, but still follow a similar process of a typical loan. You will generally need a 10-20% down payment and will be able to potentially receive lower fixed or adjustable rates offering flexibility for financing with a bigger loan.

As your local St Petersburg, Tampa, and surrounding area mortgage lenders, if you have any questions regarding jumbo loans, please contact us at 813.230.9428.

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