Good news for buyers who want to buy big! Read below for additional information.
As the housing market picks up and banks are increasingly willing to lend, more homebuyers are applying for mortgages. That includes jumbo mortgages -- loans above $625,000 in expensive markets like the Bay Area and New York. These loans are too big to be backed by Fannie and Freddie. But to get a jumbo loan you're going to need some very good credit.
Let's say, for example, you want to buy a million dollar home -- not extravagant in a region like Silicon Valley -- but you don't have all that money lying around. You're going to need a jumbo loan. To qualify, you will probably have to put down a down payment of at least 30 percent, and then there's your credit score.
Click here for full post.
Comments (1)Subscribe to CommentsComment