Depending on the loan amount you need and where you’re buying a home in Maryland, you may find it difficult to find financing beyond the conforming loan limits. This is where jumbo loans come into play. Whether your sights are set on a home in Baltimore or a sprawling property Ellicott City, join us as we delve into the intricacies of jumbo loans in Maryland in 2024.
What is a jumbo loan?
A jumbo loan in Maryland is a type of mortgage that is used to finance homes that exceed the conforming loan limits set by the Federal Housing Finance Agency (FHFA). Oftentimes, this type of loan is necessary for high-end, luxury homes or homes located in expensive housing markets.
If the home you’re purchasing will require you to borrow more than the conforming loan limit (CLL), you’ll need to apply for a jumbo loan. But because of the larger loan amounts and increased risk for lenders, Maryland jumbo loans often come with higher interest rates and stricter requirements than conventional loans. For instance, a larger down payment and a higher credit score may be required to qualify for a jumbo loan.
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