In most counties across the U.S., a jumbo loan is any loan that exceeds $647,200. However, in areas deemed “high cost” by the Federal Housing Finance Agency, the limit can be as much as $970,800. This means that if you wanted to buy a home with a sales price of $900,000 and put 20% down, you’d need to take out a jumbo loan to finance the rest.
Spectrum Credit Union is not one to stand in the way of your dreams — talk to us about a jumbo loan today!
Financing is available for owner-occupied, non-owner occupied second homes, multi-family units, and PUDs.