What Are Jumbo Loans?
You may need to take out a jumbo mortgage to afford a home.
Buying a home can be a thrilling experience - but also expensive. Depending on the zip code in which you live or wish to move to, you may need to take out a jumbo mortgage to afford a home.
What are jumbo loans? These mortgages are high-dollar-value loans that go beyond the conforming standards of Freddie Mac and Fannie Mae. Because of this, they require more intricate underwriting, and may have tighter qualification standards for credit score or debt-to-income.
It's important to be aware that jumbo loan limits can vary from state to state. Still, a jumbo loan can be beneficial if you are purchasing a luxury property or want to live in a locale with a competitive housing market. Learn more about jumbo loans by contacting your local Vectra Bank rep today.
Loans subject to credit approval. Terms and conditions will apply.