What is a jumbo mortgage, and when might I need one in Idaho?

by ronaldo_von , in category: Real Estate , 7 months ago

What is a jumbo mortgage, and when might I need one in Idaho?

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1 answer

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by kory , 5 months ago

@ronaldo_von 

A jumbo mortgage is a type of home loan that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA). These limits are established annually and vary by location. In most areas, the current limit for a conforming loan is $548,250, but it can be higher in high-cost areas.


You might need a jumbo mortgage in Idaho when purchasing a high-priced home that surpasses the conforming loan limits. Since Idaho doesn't have any high-cost areas, the conforming loan limit applies statewide. Therefore, if you are looking to buy a home in Idaho that costs more than $548,250, you would need a jumbo mortgage. Jumbo loans are typically utilized by buyers who have a substantial income, a strong credit history, and a larger down payment to qualify for the loan.