What is a jumbo loan and when do I need one?

A jumbo loan is a mortgage that exceeds the conforming loan limits set by the Federal Housing Finance Agency. You need one when your loan amount is higher than those limits, which vary by county. Maricopa County uses the standard baseline limit, which is updated each year, so larger purchases often require jumbo financing. Jumbo loans typically have stricter credit, income and reserve requirements, and interest rates may be higher or lower depending on the lender and market conditions. Down payment requirements also tend to be larger. The specifics depend on your situation and a licensed lender should confirm, and Jon can connect you with one.

Specifics depend on your situation and should be confirmed with a licensed lender. Jon can connect you with one: text (623) 826-0888.