A Jumbo Loan allows borrowers purchasing higher priced homes to not drain their savings by allowing loan amounts in excess of $766,550 in 2024. Jumbo Loans may require a 20% down payment and good or excellent credit history.
There are several factors that affect whether you might require a Jumbo Loan:
- The value and location of your home
- The amount of your down payment
- The possibility of obtaining two mortgages