A jumbo loan is a mortgage for more than the borrowing limit for regular mortgages set by the FHFA.
In 2020, a jumbo loan is for a mortgage over $510,400 in most parts of the US, and over $765,600 in certain high-cost areas.
You'll have to meet stricter requirements to receive a jumbo loan, including a bigger down payment, higher credit score, and lower debt-to-income ratio.
Shop around for a jumbo mortgage lender that will give you the best rate, because jumbo loan...
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