Jumbo loans are a unique mortgage tool if you’re in the market for a property valued at close to half a million dollars or more. These loans are designed with the high earner in mind and in turn, have more stringent rules than regular loans. You need to have a squeaky clean credit score and most people qualifying for a jumbo loan earn at least $250,000 annually.
The amount you can access with a jumbo loan varies from state to state. That’s because the amount will depend on your local real estate market. If you’re in a luxury real estate market with high competition like parts of Los Angeles, you can access close to $750,000. Other areas that aren’t so hot have limits closer to $500,000.
A jumbo loan exceeds the maximum amount approved by the Federal Housing Finance Agency (FHFA). That means the loan can’t be secured by Freddie Mac or Fannie Mae. That’s part of the reason that jumbo loans are harder to access than other types of mortgages.
Contact our team to get a quick jumbo loan assessment to find out if you qualify.
