The main difference between a Jumbo Loan and a conventional mortgage is the amount you’re borrowing. Standard conventional mortgages are limited to an amount known as the conforming loan limit. As of 2023, the conforming loan limit is $726,200 in most areas.
Why Choose Jumbo Loans?
As home prices continue to rise, many homes are becoming too expensive for a standard mortgage, and buyers who need to finance more than that will require a Jumbo Loan. Jumbo loans typically require large down payments and good credit scores to qualify, but at Elev8 Mortgage we provide options for many other scenarios you won’t find elsewhere!