Jumbo mortgages are home loans that exceed conforming loan limits (any loan amount higher than $548,250 for year 2021). A jumbo loan is one way to buy a high-priced or luxury home. If you have a lower debt-to-income ratio and a higher credit score, a jumbo loan may be right for you.
Benefits and Considerations
Do not confuse Conventional and Conforming. A jumbo loan is not conforming, however it is still a conventional mortgage. There are options to do 15 year Jumbo loans as well as interest only and adjustable rate jumbo mortgage options.