What is a jumbo loan?
An example of an AI chatbot conversation about jumbo loans and their characteristics.
What is a jumbo loan?
A jumbo loan is a type of mortgage that exceeds the conforming loan limits set by Fannie Mae and Freddie Mac.
What are the typical limits for a jumbo loan?
Typically, a jumbo loan exceeds $647,200 in most areas, but this limit can vary based on the location.
What are the requirements to qualify for a jumbo loan?
To qualify for a jumbo loan, you usually need a higher credit score, a larger down payment, and proof of income.
Are jumbo loans more expensive than conventional loans?
Yes, jumbo loans often have higher interest rates and stricter requirements compared to conventional loans.
Can I refinance a jumbo loan?
Yes, you can refinance a jumbo loan, but you'll need to meet the lender's requirements and possibly pay closing costs.
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