Down Payment Requirement is Shrinking for Jumbo Mortgages
During the real estate crash that caused home prices to drop and mortgage lenders to drastically tighten up their guidelines for offering new loans, the jumbo loan market was hit the hardest. People who wanted to buy a home and needed a loan higher than the $417,000 conventional standard were stuck with a minimum 20% down payment requirement and sometimes even higher. Furthermore, their loans were subject to more scrutiny than other types of loans. However, a few years of solid growth in the real estate market has led to a significant change in jumbo mortgages.
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