When you hear talk about Jumbo Loans they are generally talking about “Loans that are larger than conventional Loans”. “Loan” and “Mortgage” for simplicity will be considered interchangeable (meaning the same thing). Presently, the minimum Jumbo loan amount for 2021 is $548,251. The loan limit for a standard jumbo loan is $3,000,000. The Super Jumbo loans exceed the $3mil. There are various types of loans that fall in this category with emphasis to an element(s) that must be considered for your approval. Some examples are:
- Minimum credit score is 680 (being the middle of 3 scores).
- Mortgage Insurance is not included in your payments until you exceed 89.99% loan to value.
- These loans can be used to purchase or refinance a primary home, vacation home, or investment properties.
Every loan is different because there are no 2 borrowers that are the same but this is a sample of what is available in the jumbo market.