Movement Mortgage

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2407 109th Ave NE Suite 100
Blaine, Minnesota 55449

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Jumbo Loan

What is a jumbo loan?

A Jumbo mortgage can help you get into the home of your dreams that just happens to come with a larger price tag. It is a non-conforming loan, which simply means that the amount you want to borrow is over $453,100 (or $679,650 in high-cost areas). Depending on your needs, you can choose between a fixed-rate and an adjustable rate mortgage (ARM).

Can I qualify for a jumbo 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.

The minimum credit score depends on a variety of factors, so be sure to check with your Loan Officer about your specific situation

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