A jumbo loan, also known as a jumbo mortgage, is a type of financing that exceeds the limits set by the Federal Housing Finance Agency (FHFA). Unlike conventional mortgages, a jumbo loan is not eligible to be purchased, guaranteed, or securitized by Fannie Mae or Freddie Mac.
Conventional Loan Benefits:
This allows for larger loan amounts and in some cases even better interest rates. As well as some creative options are available to use a 2nd mortgage.
If you are a high income earner with a solid financial history, credit score and larger down payment this may be the right loan for you
If you have a good credit score above 660 you will be more likely to qualify
You can get a Jumbo Loan with as little as 10% down in some cases if your credit score is higher than 660