Big options for big houses
A jumbo loan is any loan that exceeds the limit set by Fannie Mae and Freddie Mac for conventional mortgages. These loans are most appropriate for high income individuals. Some lenders will lend in the millions to highly qualified borrowers.
Oftentimes lenders require a 10% down payment for jumbo loans.
Lenders offer a variety of terms from 5 to 30 years for Jumbo mortgages.
In order to lend such large sums of money, lenders often require a higher FICO than other programs.
It is not uncommon for lenders to require that the borrower prove they have sufficient reserves for their large mortgage.
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