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Financing Your New Waterfront Home on The Jersey Shore

Wondering how you can finance the purchase of your new waterfront home on The Jersey Shore? The answer is a jumbo loan.
Differences between conforming loans vs. jumbo loans in the mortgage world.
Loans amounts at or under a certain limit qualify as conforming loans. They "conform" to guidelines set forth by Fannie Mae and Freddie Mac. Conforming loans make up most residential loans funded. Loan amounts that are above these limits are referred to as jumbo loans. With a conforming loan, lenders can sell the mortgage in the secondary market, replenishing their credit lines in order to make more loans. Jumbo loans have no such robust secondary market. When a lender approves a jumbo loan, it assumes the risk should the loan ever go into default.
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Naturally, this makes it more difficult to qualify for a jumbo loan. The minimum credit score for most conforming loans ranges from 580 to 620. Jumbo minimums range from 720 to 740. Some jumbo loans can require a lower score, but the rates and terms are much more stringent.
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Down payment requirements for jumbo loans are also much higher. A buyer ... more

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