What is a
jumbo loan
and when do
you need one?
What is a jumbo loan?
As the name suggests, a jumbo loan
covers an amount larger than normal. To
be more specific, a jumbo loan is any
mortgage that exceeds an area’s
conforming loan limits set every year by
the Federal Housing and Finance Agency
(FHFA). Many mortgage lenders offer
jumbo loans up to $3 million or $5
million.
How do jumbo loans
work?
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Even after having a “non-conforming”
(Riba-Free)
status, jumbo
loans are not significantly
different from traditional mortgages in
terms of the way they work. The payment
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Jumbo loans vs.
conforming loans
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Most loans are conforming loans. It
means they(Riba-Free)
conform to, or follow, specific
criteria followed by Fannie Mae and
Freddie Mac. As jumbo loans offered by a
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Jumbo loan limits
You will need a jumbo loan from a jumbo
mortgage loan broker if you aim to
finance a property that costs more than a
certain amount the FHFA sets for your
state every year. If a mortgage exceeds
the FHFA’s
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limit,
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How to qualify for a
jumbo loan
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Jumbo loans generally impose strict
(Riba-Free)
underwriting
guidelines.
• It will help if you have a large income
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down payment to qualify.
Thank You
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