Augusta
VIP Contributor
You can get jumbo mortgage when you want to buy luxury homes because this will cost larger amount of money. So it would need you applying for more money and of course this will comes with some requirements to be met by the lenders
Jumbo mortgage because of the money involved will be riskier for the lenders as such one need to be qualified for it by meeting the laid down rules by the lenders.
The following are demanded to be met by the borrowers
Substantial funds for down payment
You would need to have the required amount as would be stated by the seller first for a down payment
high credit score
You need to have a high credit score to be able to obtain this mortgage
Certain home purchase price
So your home purchase price should be higher than $510,400 before applying.
Jumbo mortgage because of the money involved will be riskier for the lenders as such one need to be qualified for it by meeting the laid down rules by the lenders.
The following are demanded to be met by the borrowers
Substantial funds for down payment
You would need to have the required amount as would be stated by the seller first for a down payment
high credit score
You need to have a high credit score to be able to obtain this mortgage
Certain home purchase price
So your home purchase price should be higher than $510,400 before applying.
