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Depending on your location, the term Jumbo might suggest a home that’s larger than life. However, location will define the price point more often than not. Jumbo loans are similar to typical conventional loans, they just require a few additional items.
The base point to qualify for a Jumbo loan depends on the county limits for high-balance homes. Typically, over $647,200 is considered a Jumbo. If you have a credit score of over 700, you may qualify. Check for your county loan limits.
Unlike Conventional and FHA loans, there is no MIP available for Jumbo loans. The good news, however, is that you don’t need 20% down. Only 10% is typically required and you may have to show reserves in the bank for a few months.
Jumbo Loan Features:
County-based limits apply
Typically over $647,200*
Best for Credit Scores above 700
As low as 10% down payment
*Higher loan limits may apply in certain counties. Speak to our loan experts today to Review your local area for loan limit information.