Some home buyers will need a loan that exceeds Fannie Mae and Freddie Mac’s conforming loan limits. These home buyers will need a jumbo loan. Jumbo loans are not very common, but they do exist for those looking to spend a large amount of money on a home. With a healthy real estate market upon us, more people are looking at jumbo loans as an option. Here five facts will help you understand what to expect when applying for a jumbo loan. This infographic details information about jumbo loans including the size of loans, interest rates and what you need to know when applying for a loan.
For example, jumbo rates are often lower than conventional rates. There are many additional requirements that should be taken into account. Along with the necessary documents be prepared for the down payment, reserves of 6-12 months of the monthly payment and 700+ credit score. Check out the rest useful information and tips related to jumbo loans in the infographic below.
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