Remember Jumbo Loans? They're Still Around, But They're Not Easy To Get
- 4 years ago
Popular in the runup to the housing bust of the Great Recession, a jumbo loan is a mortgage for more than the borrowing limit for regular mortgages.
At present, jumbo loans are for mortgages over $510,400 in most parts of the US, and over $765,600 in pricey areas like Alaska, Guam, and the US Virgin Islands.
According to Business Insider, jumbo loans can be had--but not easily. Downpayments are typically higher, as are the loan rates.
You'll also need to have a low debt-to-income ratio, and excellent credit.
Finally, be sure to shop around for a jumbo loan. Rates and requirements vary, so do your research or hire a mortgage broker to do it for you.
At present, jumbo loans are for mortgages over $510,400 in most parts of the US, and over $765,600 in pricey areas like Alaska, Guam, and the US Virgin Islands.
According to Business Insider, jumbo loans can be had--but not easily. Downpayments are typically higher, as are the loan rates.
You'll also need to have a low debt-to-income ratio, and excellent credit.
Finally, be sure to shop around for a jumbo loan. Rates and requirements vary, so do your research or hire a mortgage broker to do it for you.