Jumbo mortgages resemble conventional mortgages, the only difference here is that jumbo mortgages are loans that exceed conforming loan limits established by regulation. They are typically used to buy a high-priced or luxury home and thus have tighter guidelines than other loan types. If you have a low debt-to-income ratio, a strong credit score, and a large down payment, than a jumbo loan may be what you are looking for.
The underwriting process for jumbo mortgages is similar to that of a conforming/conventional mortgage with a few added requirements:
Jumbo mortgages are a good solution for borrowers who are looking to buy a higher priced home when a conventional mortgage just won't cut it. There are a variety of options available to borrowers who want to use a jumbo loan to finance their purchase so be sure to contact us to find out if a jumbo loan would be right for you.