Georgia Jumbo Loan
A jumbo mortgage loan is a loan whose amount exceeds the borrowing limit set by Fannie Mae and Freddie Mac for conforming loans. The current limit in Georgia is $424,100 for a single family unit, except for Greene County which has a limit of $515,200. So if you take a mortgage with an amount that exceeds that set limit you will have taken a jumbo mortgage.
Jumbo loans are necessary for many reasons, but the biggest advantage to you as a homebuyer is that they allow you to make high-cost home purchases. It is practically impossible to finance some types of homes in certain Georgia counties. A good example is Atkinson County where the average list price is $1,683,400. It is the highest by far but there are other counties like Fulton, Rabun, and Greene that also have very high listing prices ($579,309; $572,785 and $561,827 respectively).
The high value of a Georgia jumbo loan makes it riskier from the perspective of the lender. That is why you may face stringent qualification requirements compared to when you are applying for a conforming or government loan. For instance, 20% down payment is a common requirement but some Georgia lenders can go as low as 10 or 15% as long as you have sufficient income and assets. Another common requirement is a FICO score of at least 660.
The stringent qualification standards don’t necessarily mean you can’t qualify for a Georgia jumbo loan with ease. If you have a good real estate company behind you, the whole process becomes much easier. In case you need help with your jumbo mortgage loan don’t look any further than Moreira Team.
Georgia City Mortgage Service Areas