These types of money can not be purchased otherwise guaranteed of the Federal national mortgage association and Freddie Mac. When you find yourself purchasing a costly household that’s along the mortgage restriction, you ought to discover an excellent jumbo loan lender. Jumbo financing are used by high-money borrowers to invest in deluxe property in rich areas. So you’re able to secure a good jumbo financing, you must have a top credit rating away from 700 a lot more than, a more impressive down payment, and plenty of deals. Because of the pricey amount borrowed, assume jumbo loan lenders becoming more strict with borrowing certification.