How to use jumbo mortgage financing to buy a high-priced home

The Mortgage Loan That's Taking Over Refinances  - Today's Mortgage & <span id="real-estate-news">real estate news</span> – Growella ‘ class=’alignleft’> · Look at Jumbo Loans. A jumbo loan enables you to exceed the conforming loan limit set by the Federal Housing Finance Agency. The FHFA conforming limit ranges from $424,100 to $636,150 depending on where you live in the U.S. If you have a FICO.</p>
<p>Qualifying for Jumbo Mortgages. To qualify for a jumbo loan with a small down payment, you’ll need good credit, strong income, or significant reserve assets. With most lenders, down <span id="payment-requirements-increase">payment requirements increase</span> as loan sizes increase.</p>
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Jumbo loans allow you to buy luxury homes, unique properties, and "normal" houses in expensive areas. But just because you can get a big loan doesn’t mean you should. Larger loans mean substantial interest charges , and it’s critical to understand how much you’re paying for a property after you account for interest costs.

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You can still use the VA home loan benefit to buy a "jumbo" property but it takes a little calculation first. Remember that the VA will guarantee up to 25 percent of the $453,100 limit.