Jumbo Loans 101
With real estate prices what they are in California,
jumbo loans are quickly claiming their spotlight in this market.
Conforming Loans vs. Jumbo Loans
Fannie Mae and Freddie Mac only purchase loans they deem as conforming.
For single-family properties, conforming loan limits has been set for $647,200 in 2022
Loans with amounts greater than the conforming loan limits are called “Jumbo Loans,”
& loans greater than $1 million are considered “Super Jumbo Loans.”
(*The limits for these loans varies depending on the county of where the property is located)
And that brings us to the definition of a Jumbo Loan.
What Exactly Is a Jumbo Loan?
Simply stated it is any mortgage loan amount that is above the Fannie Mae and Freddie Mac
conforming loans limits as determined by the county where your purchase property is located.
Qualifications for a Jumbo Loan
The Qualifications for a Jumbo Loan at Storehouse Lending
.is the same as those for any other loan, which is:
Equity or a decent down payment
Simple as that.
What You Need to Know About Storehouse Lending Jumbo Loans
We do up to $2 Million and above!
Low Credit Score is Ok!
LTV Up to 65% – 75%