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Here’s What Everyone Gets Wrong About Jumbo Loans
By reinvestor on March 28, 2016
jsolie/iStock
Jumbo loans—they’re not just for McMansions anymore! The oversize loans are becoming an increasingly viable option for entry-level home buyers in some parts of the country.
So what are they? Jumbo loan mortgages are those for amounts above the limits for government-sponsored loans. In most parts of the country, that means over $417,000, but in areas where the cost of living is extremely high, the threshold jumps to $625,000. (You can check the limit in your local market.)
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