Jumbo Loans

What is a Jumbo Loan?

A jumbo loan, also known as a jumbo mortgage, is a home loan that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA). Jumbo loans are designed for properties that are more expensive and require larger loan amounts than conforming loans. Contact us today to find out the loan limits for your area.

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Who is eligible for a Jumbo Loan?

Jumbo loans have stricter eligibility requirements compared to conforming loans. To qualify for a jumbo loan, you typically need a higher credit score, a lower debt-to-income ratio, and a larger down payment. Lenders may also require additional documentation, such as income verification and asset statements.

What are the benefits of a Jumbo Loan?

A jumbo loan can provide several benefits for homebuyers who need to borrow larger amounts of money to purchase their dream home. One of the primary benefits of a jumbo loan is that it allows homebuyers to finance properties that exceed the conforming loan limits. This can be especially helpful for buyers in high-cost areas where homes prices can easily exceed the limit. Jumbo loans can also be a good option for borrowers with high credit scores and low debt-to-income ratios.

Why should you get a Jumbo Loan?

If you're in the market for a home that qualifies for a jumbo loan, this program may be a perfect fit for your needs. Jumbo loans can enable you to buy a larger or more expensive property than you would be able to finance with a conventional loan. They can help you avoid the hassle of taking out multiple loans or having to use your savings to finance a large down payment. These factors can help you qualify for lower interest rates and better terms, which can save you money over the life of the loan.

It is important to carefully evaluate your options and contact us to determine if a Jumbo loan is right for you. Contact us today!

Eddie Berengue
NMLS# 325471 Broker #01453048

Licensed by The Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. NMLS# 891464
Edge Home Finance

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Eddie Berengue - Edge Home Finance
Certified Mortgage Advisor

Napa Office
1300 First St
Suite 368
Napa, CA 94559

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Licensing:

Not a Commitment to lend. Rates and terms subject to change without notice. Licensed by the California Department of Financial Protection and Innovation under the California Residential Mortgage Act No.4130968.  Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act. NMLS #891464. www.nmlsconsumeraccess.org