Here we are with another hot steaming knowledge with another episode of Real Estate Alphabet Soup! This time, we're talking about one of the loan types in the market with our next letter, J.
J for Jumbo Loans
As the word says, jumbo loans are pretty massive in comparison to the other types of loans. This is also called the non-conforming loan. The loan limits are set by the Federal Housing Financing Agency.
The DMV Area, or our DC metro area are in a high cost housing market, so our loan limits are a lot higher than maybe other parts of the country. Just to give an idea, we are at about $822,000. Talk about a jumbo loan. Literally. For borrowers that are interested in purchasing more expensive properties, jumbo loans might be more viable than the conventional loans out there.
However, like all other loans, this is still subject to evaluation. To know more about this, seek financial advice from your lender and see if you qualify for the jumbo loans.
Want to purchase your new home? Let's team up -- 703-625-4949 or email at info@enovahomes.com. Let's make the stars align for you today!
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