Jumbo Loans are the answer when you need to finance more than Fannie Mae's, Ginnie Mae's and Freddie Mac's conventional loan limit of $484,350. These mortgages come with stricter guidelines due to higher loan amounts. But you can handle it. You know what you want and how to get it. That's why you have your eye on that king-size chalet in the first place.
- You can scoff at conventional loan limits and borrow some serious money.
- Make sure you have your finances in order or you're not eligible.
- Choose from 15- or 30-year terms with fixed or adjustable rates.
- Down Payment: 20% of the final loan amount.
- Terms: 15, 30 years, fixed and ARMs.
- Credit Score: 700 minimum.
- Mortgage Insurance: No.
- Maximum Loan Limit: $2.5 million.