You might think that something called a jumbo loan is strictly for the wealthy — and only those wearing the hottest Italian fashions and carrying diamond stickpins can apply. Believe it or not, while this home loan is traditionally larger than other loans, this kind of mortgage can offer you more options.
A jumbo loan is also known as a non-conforming loan due to the fact that it’s larger than the conforming loan limits that are set by the Office of Federal Housing Enterprise Oversight. Essentially, a jumbo loan is any loan that exceeds the loan limit of the county where the property is located. Even if the loan is only one dollar more than the county loan limit, it’s technically a jumbo loan at that point. To qualify you need to have a minimum credit score of 680, and you must make a minimum down payment of 10 percent.
With Michelle McGregor Home Loans in Dallas, let us help find out if a more traditional or a jumbo home loan option is right for you. More than a decade’s worth of experience has given us a detailed understanding of market conditions and a variety of home loan types. We can help you make a home loan decision that suits your lifestyle. To schedule a consultation, contact us online or by phone today!