Jumbo Loans Hilton Head Island-Mortgage

Jumbo Loans Hilton Head Island-MortgageJumbo loans are loans above the Fannie Mae Freddie Mac conforming loan limit. For most of the country these are loans above $766,550. Jumbo loans generally look and act just like conventional, conforming loans, but since they are held on bank portfolios rather than by Fannie Mae Freddie Mac there are often a few differences. Jumbo loans typically require a larger down payment than conventional, conforming loans. A minimum of a 10% down payment is

Jumbo loans generally look and act just like conventional

In most cases

Jumbo loans also commonly require slightly higher credit scores than conventional

but since they are held on bank portfolios rather than by Fannie Mae/Freddie Mac there are often a few differences

Jumbo loans are loans above the Fannie Mae/Freddie Mac conforming loan limit

conforming borrower would have no trouble qualifying for a jumbo loans as long as they are able to afford the higher payment associated with a bigger loan amount

a well-qualified conventional

A minimum of a 10% down payment is often required with some programs requiring a 20% down payment or more

Jumbo loans typically require a larger down payment than conventional

For most of the country these are loans above $766

conforming loans