Jumbo mortgages are a completely different category of home mortgages.
Jumbo mortgages are a very needed loan in places like Lake Worth and South Florida because we have a lot of higher priced homes to finance.
Although the conforming loan limit recently increased, jumbo mortgages are used when the loan amount approaches $750,000.
Super jumbo loans can go much higher into the several millions.
It is amazing but Jumbo pricing can be right along side conventional pricing.
Underwriting is very strict.Usually at least a 700 median credit score is required with proof of income and cash to close with ample reserves.
