Why would I need a jumbo mortgage loan?
If you are seeking a loan amount in excess of $510,000.00, then you need a jumbo mortgage loan. Each year, Fannie Mae and Freddie Mac , two government sponsored enterprises, set loan maximums. When loan amounts exceed their limits – the borrower is purchasing a jumbo mortgage loan.
How much money can I be qualified for with a jumbo mortgage?
Depending on the borrower’s financial profile, you can qualify for $510,000. to $1,500,000.
What kind of credit score do I need in order to qualify for either an interest-only jumbo mortgage or jumbo mortgage?
That depends on the type of loan. Credit scores for jumbo mortgages are similar to conventional credit score requirements.