Understanding Jumbo Loans: The Key to Financing Luxury Homes
When purchasing a high-value home, a conventional mortgage may not be enough. That’s where jumbo loans come in. These specialized loans exceed conforming loan limits set by the Federal Housing Finance Agency (FHFA), making them ideal for financing luxury properties or homes in competitive markets.
Jumbo loans typically require higher credit scores, lower debt-to-income ratios, and larger down payments compared to standard loans.
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