A Jumbo Loan is a type of mortgage that exceeds the limits set by the Federal Housing Finance Agency (FHFA) for conforming loans.
Ideal for purchasing luxury homes or properties in high-cost areas that exceed conforming loan limits.
These loans typically offer lower interest rates compared to conventional loans.
Some lenders offer competitive rates to attract high-net-worth borrowers.
Typically, jumbo loans do not require PMI, even with a lower down payment.
Lenders may offer tailored loan options to meet the unique needs of affluent borrowers.