Jumbo

Jumbo loans are designed for homebuyers purchasing high-value properties that exceed conventional loan limits. These loans allow borrowers to finance luxury homes and properties in competitive markets without needing multiple loans. Because they exceed conforming loan limits set by Fannie Mae and Freddie Mac, jumbo loans require higher credit scores, larger down payments, and strong financial reserves.

Despite stricter qualification requirements, jumbo loans offer competitive interest rates and flexible loan terms, including fixed and adjustable-rate options. Many lenders require a minimum down payment of 10-20%, though some programs allow for lower down payments based on borrower qualifications. These loans are ideal for buyers in high-cost housing markets or those looking to finance primary residences, vacation homes, or investment properties.

If you're purchasing a home that exceeds standard loan limits and need a large loan amount with flexible terms, a jumbo loan may be the right solution. Working with an experienced lender can help navigate the qualification process and secure the best financing option.

Disclaimer: Loan product guidelines are subject to change. Contact your Caritas Mortgage loan officer for the most up-to-date information.

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