What is a Jumbo Loan?
A jumbo loan is a loan that exceeds conforming loan limits. This type of loan is one way to buy a high-priced or luxury home. If you have a lower debt-to-income ratio, a higher credit score, and a larger down payment, a jumbo loan may be right for you. The limit on conforming loans is $424,100 in most areas of the country, but jumbo mortgages can exceed these limits. Even so, if you’re considering a home in a high-cost area, you may still be able to obtain a conforming fixed rate or adjustable rate mortgage. We are your Salt Lake City area experts in jumbo loans and can help you understand your options better.