Posts tagged FHA Jumbo Mortgage
How do you qualify for a jumbo loan?

If you want to buy a particularly expensive home -- one above the conforming loan limits in the state and county where you’re buying -- you’ll likely need a jumbo loan. While jumbo loans can often allow you to purchase a bigger and better home, they can also be more difficult to qualify for. Here are the basics of qualification for a jumbo loan.

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What is an FHA Jumbo Loan?

Just like private lenders, the Federal Housing Administration offers FHA jumbo loans for qualified borrowers. Much like regular FHA loans, FHA jumbo loans usually have significantly lower down payment requirements than their private counterparts.

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What Is a Jumbo Home Loan or Jumbo Mortgage?

A jumbo home loan, or jumbo mortgage, is a type of non-conforming conventional loan. This means it’s a loan that isn’t backed by FHA, it has nothing to do with VA or USDA, and neither Fannie Mae nor Freddie Mac will buy it. It makes a person wonder why a bank would even deal in these, but the truth is that they’re reasonably low risk and very high profit from the lender's perspective. 

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