When Should I Consider a Jumbo Loan?
Above Loan Limit
A Jumbo loan is a great option to allow you to purchase or refinance with a loan that is above your county’s loan limits.
Jumbo Loans are similar to Conventional loans, in that they require a better credit score to qualify.
Down Payment / Equity
Jumbo Loans generally require at least 10% down. Because these are sizable loans, that can be a large amount. If you are looking to refinance a minimum of 20% equity must be established.
No Mortgage Insurance
Jumbo Loans with at least 10% down do not require mortgage insurance from the lender.