Jumbo Loans exceed the maximum loan amounts established by Fannie Mae and Freddie Mac conventional loan limits. Rates on jumbo loans are typically higher than conforming loans. Jumbo Loans are typically used to buy more expensive homes and high-end custom construction homes. Typically Jumbo Loans require a higher down payment than traditional loans.
Jumbo Loans are a form of a Conventional Mortgage that cover higher loans. Here are some of the guidelines:
- Jumbo Loans refer to mortgages above $625,000
- Jumbo Loans usually require a FICO minimum of 640
- The loan-to-value will vary according to the loan amount
The SSK Mortgage Team is your premier mortgage team located in Redondo Beach, California. In addition to Redondo Beach, we also work with clients in Manhattan Beach, Hermosa Beach, El Segundo, Torrance, CA, Ranchos Palos Verdes, Palos Verdes, Venice Beach, Carson, CA, Harbor City, CA, Lomita, CA, Hawthorne, CA and the entire South Bay of Los Angeles.