Your home is an investment. To secure their dream properties, many buyers take out loans to finance the purchase. A jumbo loan is more substantial than a standard home loan, helping you afford a pricier property. If you’re on the market for a house, here’s all you need to know about this option.

What’s a Jumbo Loan?

These aren't financed by government-sponsored entities, but by private lenders. For this reason, they aren't restricted by the limits placed by the Office of Federal Housing Enterprise Oversight.

Any loan that exceeds the limits set for Fannie Mae, Freddie Mac, and the Federal Housing Administration falls under this category. The Federal Housing Agency considers any loan greater than $510,400 a jumbo loan.

Who Is a Candidate?

The limits for these loans depends on the median home value in your desired area. Each lender has their own unique criteria, so shop around and schedule consultations with potential lenders to discuss your needs.

In general, a jumbo loan lender will consider a few factors to determine your eligibility. These include your credit history, the percentage you’re willing to put down upfront, and your income and other assets. Traditionally, a down payment of at least 20 percent is needed, although some lenders are willing to go slightly lower.

If you’re looking for a jumbo loan, talk to Dan Main of O'Fallon, MO. He has more than 20 years of experience as a mortgage loan officer and is passionate about helping people secure their dream homes. He's known for his helpful attitude and detail-oriented work, as online testimonials from his satisfied former clients prove. For a consultation, call (636) 284-4144.

Dan Main: NMLS # 502036
947 Waterbury Falls Dr
O'Fallon, MO 63368

Flat Branch Mortgage Inc:
Missouri NMLS #18-1713,
Colorado NMLS# 224149

This is for informational purposes only and not an offer to lend or extend credit.