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 $417,000; however, the limit is $625,500 in higher cost areas.
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:
If you are interested in a jumbo loan, please contact your local Fairway mortgage professional.
Not sure where to start? We have the right tools to help you make an informed decision.
Our informational and interactive calculators make it easy to find the right loan for you!Start now!