What is a Jumbo loan?
A jumbo loan is a type of financing that exceeds the limits set by the Federal Housing Finance Agency. In 2023 anything greater than $726,200 will be considered a jumbo loan.
Do Jumbo loans require mortgage insurance?
Any loan that does not exceed 80% LTV does not need to have mortgage insurance included for the loan.
Do Jumbo loans have higher interest rates?
They do have higher interest rates because they represent a larger risk to the lender and/or investor.
Are Jumbo loans fixed-rate or adjustable-rate mortgages?
Jumbo loans are available as both fixed- and adjustable-rate mortgages.