Everything you need to know about home loans in one place. Use our "frequently asked questions" section to learn everything about mortgages, refinancing, home equity lines of credit and more.
If you want to buy a particularly expensive home -- one above the conforming loan limits in the state and county where you’re buying -- you’ll likely need a jumbo loan. While jumbo loans can often allow you to purchase a bigger and better home, they can also be more difficult to qualify for. Here are the basics of qualification for a jumbo loan.
Read MoreA 20% down payment (the standard for conventional loans) is often required for a jumbo loan -- but this isn’t always the case, and some borrowers may be able to obtain loans with down payments as low as 10-15%.
Read MoreA jumbo home loan is a loan that exceeds a specific amount, called the conforming loan limit. The conforming loan limit is actually calculated by county -- not by state, so depending on where exactly you live, you could face a different conforming loan limit. For most U.S. counties, the limit is set at $453,100, a nice increase from 2017’s $424,100.
Read MoreA jumbo home loan, or jumbo mortgage, is a type of non-conforming conventional loan. This means it’s a loan that isn’t backed by FHA, it has nothing to do with VA or USDA, and neither Fannie Mae nor Freddie Mac will buy it. It makes a person wonder why a bank would even deal in these, but the truth is that they’re reasonably low risk and very high profit from the lender's perspective.
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