A jumbo loan is a type of mortgage that exceeds the maximum loan limits set by the FHFA and is typically used to finance luxury properties or homes in high-cost areas. Jumbo loans may require a higher down payment, a stronger financial profile, and may come with higher interest rates and stricter lending requirements compared to conventional mortgages. There are several types of jumbo loan programs available, including fixed-rate mortgages, ARMs, and interest-only mortgages, and borrowers should carefully consider their financial situation and goals before applying.
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