A LOAN FOR BIGGER IDEAS
Got your eye on a higher priced home? A jumbo (or nonconforming) loan might be an option if you’re considering a loan of $453,100 or more. (Loans of $453,099 or less are known in the business as conforming loans. Conforming loan limits may be higher in designated high-cost areas. Ask for details.)
Jumbo loan programs allow for some flexibility and include both fixed rate and adjustable rate plans.
PROS AND CONS OF JUMBO LOANS
- Jumbo loans offer affordable terms for higher priced homes.
- They are ideal for high income earners with good credit.
- Low down payment options are available.
- Interest rates are higher.
- Qualification standards may be tougher.