What is a jumbo mortgage?
A jumbo mortgage is a home loan for an amount that exceeds conforming loan limits established by regulation. In most of the country, the limit on conforming loans is $417,000, but jumbo loans can exceed these limits. Tioga State Bank offers jumbo mortgages for loans starting at $417,000 up to $750,000 for 1 to 4 family owner occupied real estate.
Is a jumbo mortgage right for you?
A jumbo loan is one way to buy a high-priced or luxury home. A jumbo loan may be right for you if you have the following:
- Low debt-to-income ratio
- Higher credit score
- Larger down payment