Can I qualify for a Jumbo home loan?
Because a Jumbo loan is not eligible for purchase by Fannie Mae or Freddie Mac, they must be sold on the secondary market. What does that mean for you? It means that they can have stricter credit score guidelines and may require larger down payments. However, there are many Jumbo home loans that do not require large down payments and may not require mortgage insurance (MI).
The minimum credit score depends on a variety of factors, so be sure to check with your Loan Officer about your specific situation.