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Loan Programs

Jumbo Loans

Jumbo Loans is a type of mortgage that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA). Because it surpasses the maximum amount that Fannie Mae and Freddie Mac are willing to purchase or guarantee, a jumbo loan is not eligible to be a conforming loan. These loans are typically used to purchase high-priced or luxury homes and are considered riskier for lenders because they cannot be sold to Fannie Mae or Freddie Mac, which means they often come with higher interest rates. Borrowers seeking a jumbo loan usually need to have excellent credit, a low debt-to-income ratio, and may be required to make a larger down payment compared to a conforming loan.

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