A jumbo loan is used to finance properties that exceed the conforming loan limit. Jumbo loans are designed to finance homes in higher priced real estate market.
What is a jumbo loan?
A jumbo loan includes the following features
1. Loans up to $5 million.
2. Down payment as low as 5%.
3. Loan limits vary per county
4. Fixed rate loan amounts up to $3,000,000.
5. Programs available for primary residence, second homes, and investment properties.