What is a jumbo loan?

A jumbo loan is a type of mortgage loan that is larger than what is typically offered by government-backed programs like FHA or VA loans. In Kansas, a jumbo loan is any loan amount greater than $417,000. The terms of these loans vary widely depending on the loan amount, lender, and borrower, but they generally require higher down payments and further credit and income requirements than other loan types. The interest rate on a jumbo loan is also typically higher than a conventional loan. Jumbo loans have become increasingly popular in recent years, as home prices have increased, making it harder for buyers to secure financing for the full amount. With a jumbo loan, buyers can make a larger purchase without having to come up with a large down payment. Buyers should be aware that requirements and interest rates can vary from lender to lender, so it is important to do research to find the best possible loan for their needs.

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What is a jumbo loan?

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