Jumbo loans (also called non-conforming mortgages) are not only used to finance luxury properties, but they also play a vital role in expanding homeownership to people who live in high-cost housing markets where prices are above the national average. Depending on where the property is located, a jumbo loan is financing that exceeds $548,250 or the conforming loan limit set by the Federal Housing Finance Agency (FHFA).
Homebuyers seeking a mortgage in excess of $548,250, or who live in a high-cost housing market who have good credit, stable job and credit history, and also possess an appropriate level of liquid assets for the down payment and required reserves.
Primary residence, second homes and investment properties, single family and 2-4 unit properties, condos and townhomes, and Planned Unit Developments (PUDs); maximum loan amounts up to $3,000,000.
Whether you need more room for a growing family or to display your treasured possessions, Gateway has a wide variety of jumbo loan options that deliver flexible options that help bring your dream home within reach. Be sure to check out our Jumbo Buster loan option that shows a worthy alternative to traditional jumbo mortgage financing.
Ready to get expert advice and determine what works best for your personal situation? Contact one of our local, caring mortgage professionals at a Mortgage Center Near You.