Those who qualify for jumbo loans are those who exhibit a flawless credit report and high income. Usually, a lender will require at least 20-40% as a down payment on the home.
Qualifications for Jumbo Loans are as follows:
Some jumbo mortgage and refinance rates are called super jumbo mortgages which means they are anywhere from $650,000 to $20 million or more. There is also a relatively new loan called a conforming jumbo loan, referring to loans which are between $417,001 and $625,500 for a conventional loan or $417,001 and $729,750 for an FHA loan.
A homeowner can consolidate their payments into one monthly payment. Instead of having two loan payments to remember to make, the home buyer can avoid the cost of private mortgage insurance with a single and affordable mortgage payment.