Think BIG with a Jumbo Loan
A jumbo loan, or non-conforming mortgage, allows you to purchase more expensive homes with a loan amount above the conforming limit set by the Federal Housing Finance Agency. In most areas of the country, the conventional conforming loan limit is $510,400; however, the limit is $765,600 in higher cost areas.
Jumbo Loan Highlights
If you have a low debt-to-income (DTI) ratio and a higher credit score, but you don’t have enough funds to bring the loan amount under the conforming limit, a jumbo loan might be the right option for you. Highlights of non-conforming loans include:
- Finance a home over the maximum loan amount established by the Federal Housing Finance Agency
- Higher purchase limits allow borrower to purchase more house
- Convenience of one loan for the entire loan amount
- Primary residence, second home or investment property
- Fixed-rate or adjustable-rate mortgages (ARM)
If you are interested in a jumbo loan, please contact your local Fairway mortgage professional.
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