If you are shopping for a home that costs more than $484,350, then a Jumbo Mortgage is a financing option. A Jumbo Mortgage is a home loan that is more than conforming loan limits. These limits are set by Fannie Mae and Freddie Mac.
There are several differences between jumbo mortgages and traditional home loans that you need to be aware of as you plan to purchase your new home. The amount of the down payment, cash reserve, and credit score to qualify are important to consider when shopping for a jumbo mortgage.
Lenders may also ask for more income documentation such as your full tax returns, W-2s, and 1099s. You may also need to provide additional bank statements and information on your investment accounts.
Crane Credit Union now offers jumbo mortgages in addition to traditional home loans. Borrowers may apply online with our fast and easy application. If you are not a Crane Credit Union member, you must complete the online membership application before you apply for a mortgage.