{"id":83497,"date":"2023-05-12T10:49:13","date_gmt":"2023-05-12T17:49:13","guid":{"rendered":"https:\/\/www.redfin.com\/blog\/?p=83497"},"modified":"2024-01-23T11:59:45","modified_gmt":"2024-01-23T19:59:45","slug":"what-is-a-jumbo-loan-in-georgia","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/blog\/what-is-a-jumbo-loan-in-georgia\/","title":{"rendered":"What is a Jumbo Loan in Georgia in 2024?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">For many individuals and families, owning a <a href=\"https:\/\/www.redfin.com\/state\/Georgia\" data-wpel-link=\"exclude\">home in Georgia<\/a> is a lifelong dream. However, with rising real estate prices, some may find themselves seeking financing beyond the conforming loan limit. This is where jumbo loans come into play. Whether your sights are set on a new <a href=\"https:\/\/www.redfin.com\/city\/30756\/GA\/Atlanta\" data-wpel-link=\"exclude\">house in Atlanta<\/a> or a sprawling <a href=\"https:\/\/www.redfin.com\/city\/17651\/GA\/Savannah\" data-wpel-link=\"exclude\">property in Savannah<\/a>, join us as we delve into the intricacies of jumbo loans in Georgia in 2024.\u00a0<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-83498\" src=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/05\/10610-Vale-Rd-2-1.jpg\" alt=\"expansive mansion\" width=\"1200\" height=\"800\" srcset=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/05\/10610-Vale-Rd-2-1.jpg 1200w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/05\/10610-Vale-Rd-2-1-300x200.jpg 300w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/05\/10610-Vale-Rd-2-1-1024x683.jpg 1024w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/05\/10610-Vale-Rd-2-1-768x512.jpg 768w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/05\/10610-Vale-Rd-2-1-225x150.jpg 225w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/05\/10610-Vale-Rd-2-1-945x630.jpg 945w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/05\/10610-Vale-Rd-2-1-450x300.jpg 450w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<h2><span style=\"font-weight: 400;\">What is a jumbo loan?<\/span><\/h2>\n<p><a href=\"https:\/\/www.redfin.com\/guides\/what-is-a-jumbo-loan\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">A jumbo loan<\/span><\/a><span style=\"font-weight: 400;\"> in Georgia is a type of mortgage that enables homebuyers to borrow more than the limits set by the Federal Housing Finance Agency (FHFA) for conforming loans. The conforming loan limit (CLL) is the maximum amount of money that a lender will provide to borrowers at a specific interest rate and is established each year. Jumbo loans are necessary for homebuyers who want to purchase a high-value property, such as a luxury home, that exceeds the conforming loan limit.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you find yourself in a situation where the home you&#8217;re planning to buy requires borrowing beyond the conforming loan limit, then you&#8217;ll need to pursue a jumbo loan. However, it&#8217;s important to note that jumbo loans come with higher interest rates and stricter requirements than conventional loans due to the larger loan amounts and risk associated with them. For instance, a larger down payment and a higher credit score may be required to qualify for a jumbo loan in Georgia.<\/span><\/p>\n\n<p>&nbsp;<\/p>\n<h2><span style=\"font-weight: 400;\">What is the jumbo loan limit in Georgia?<\/span><\/h2>\n<p><b>In Georgia, the conforming loan limit is $766,550 across all counties.<\/b><span style=\"font-weight: 400;\"> For example, in <\/span><a href=\"https:\/\/www.redfin.com\/county\/563\/GA\/Fulton-County\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">Fulton County<\/span><\/a><span style=\"font-weight: 400;\"> the jumbo loan limit is $766,550, so if the loan amount needed is even one dollar more than this amount, it&#8217;ll be considered a jumbo loan.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Keep in mind that the loan amount is what determines whether or not you\u2019ll need a jumbo loan, not the price of the home. So, if you were to put $50,000 down on a $750,000 <\/span><a href=\"https:\/\/www.redfin.com\/city\/30756\/GA\/Atlanta\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">home in Atlanta<\/span><\/a><span style=\"font-weight: 400;\">, the mortgage would be $700,000, which is under the conforming loan limit for this area. In this case, your loan wouldn\u2019t be considered a jumbo loan.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additional information regarding the conforming loan limits in Georgia can be found <\/span><a href=\"https:\/\/www.fhfa.gov\/DataTools\/Tools\/Pages\/Conforming-Loan-Limit-Map.aspx\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What are the requirements for a jumbo loan in Georgia?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Borrowers must meet stricter requirements to qualify for a jumbo loan than they would for a conforming loan. Each lender may have different requirements or processes, but below are the typical requirements for borrowers seeking a jumbo loan.<\/span><\/p>\n<p><b>Higher credit score:<\/b><span style=\"font-weight: 400;\"> In order to be eligible for a jumbo mortgage, lenders generally require homebuyers to have a credit score of at least 720. While some lenders may consider a score as low as 660, a credit score of less than that is typically not accepted.<\/span><\/p>\n<p><b>Larger down payment: <\/b><span style=\"font-weight: 400;\">When buying a higher-priced home, buyers will typically need to make a more substantial <\/span><a href=\"https:\/\/www.redfin.com\/guides\/down-payments-and-home-loans\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">down payment<\/span><\/a><span style=\"font-weight: 400;\">. While borrowers seeking conforming loans may be able to find programs that allow for down payments as low as 3%, those seeking a jumbo loan should expect to put down a minimum of 10%, and in some cases, as much as 30%. If a lender allows for a down payment of less than 20%, the borrower will need to pay for private mortgage insurance (PMI).<\/span><\/p>\n<p><b>More assets:<\/b><span style=\"font-weight: 400;\"> To qualify for a jumbo loan, lenders require borrowers to demonstrate that they have sufficient liquid assets or savings to cover at least one year of loan payments. The exact amount of assets needed can vary depending on the lender and the size of the loan, but having more assets can increase the chances of approval and potentially lead to better terms and interest rates.<\/span><\/p>\n<p><b>Lower debt-to-income ratio (DTI):<\/b><span style=\"font-weight: 400;\"> Whether you&#8217;re applying for a traditional mortgage or a jumbo loan in Georgia, lenders evaluate your spending habits and creditworthiness by analyzing your <\/span><a href=\"https:\/\/www.redfin.com\/guides\/buy\/calculate-debt-to-income-ratio\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">debt-to-income ratio (DTI)<\/span><\/a><span style=\"font-weight: 400;\">. The DTI is determined by dividing the total of your monthly debt payments by your gross monthly income. While some lenders may accept a DTI as high as 50% for a conforming loan, those applying for a jumbo loan should aim for a DTI under 43% and ideally closer to 36%.<\/span><\/p>\n<p><b>Additional home appraisals:<\/b><span style=\"font-weight: 400;\"> Lenders may require a second <\/span><a href=\"https:\/\/www.redfin.com\/guides\/home-appraisal-everything-you-need-to-know\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">home appraisal<\/span><\/a><span style=\"font-weight: 400;\"> for a jumbo loan, in addition to the standard appraisal, to get a second opinion on the property&#8217;s value. This is especially true in cities with limited comparable property sales. The second appraisal helps lenders ensure that they are providing funds for a property that is worth the loan amount or more.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Let\u2019s break down what a jumbo loan is in Georgia, the 2024 conforming loan limits, and what\u2019s needed to qualify for this type of loan.<\/p>\n","protected":false},"author":590,"featured_media":83498,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[2656],"tags":[34459],"coauthors":[34721],"class_list":["post-83497","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-local-insights","tag-ga"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What is a Jumbo Loan in Georgia in 2024? | Redfin<\/title>\n<meta name=\"description\" content=\"Let\u2019s break down what a jumbo loan is in Georgia, the 2024 conforming loan limits, and what\u2019s needed to qualify for this type of loan.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/blog\/what-is-a-jumbo-loan-in-georgia\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is a Jumbo Loan in Georgia in 2024?\" \/>\n<meta property=\"og:description\" content=\"Let\u2019s break down what a jumbo loan is in Georgia, the 2024 conforming loan limits, and what\u2019s needed to qualify for this type of loan.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.redfin.com\/blog\/what-is-a-jumbo-loan-in-georgia\/\" \/>\n<meta property=\"og:site_name\" content=\"Redfin | Real Estate Tips for Home Buying, Selling &amp; More\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/redfin\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-12T17:49:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-23T19:59:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/05\/10610-Vale-Rd-2-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Kathleen House | Redfin Real Estate Agent\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@redfin\" \/>\n<meta name=\"twitter:site\" content=\"@redfin\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Kathleen House | Redfin Real Estate Agent\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/what-is-a-jumbo-loan-in-georgia\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/what-is-a-jumbo-loan-in-georgia\\\/\"},\"author\":{\"name\":\"Kathleen House | Redfin Real Estate Agent\",\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/#\\\/schema\\\/person\\\/e8bfd47fcfd3b7b8b1b6504344e433fe\"},\"headline\":\"What is a Jumbo Loan in Georgia in 2024?\",\"datePublished\":\"2023-05-12T17:49:13+00:00\",\"dateModified\":\"2024-01-23T19:59:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/what-is-a-jumbo-loan-in-georgia\\\/\"},\"wordCount\":759,\"publisher\":{\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/what-is-a-jumbo-loan-in-georgia\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.redfin.com/blog\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/10610-Vale-Rd-2-1.jpg\",\"keywords\":[\"ga\"],\"articleSection\":[\"Local Insights\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2023\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.redfin.com/blog\\\/what-is-a-jumbo-loan-in-georgia\\\/\",\"url\":\"https:\\\/\\\/www.redfin.com/blog\\\/what-is-a-jumbo-loan-in-georgia\\\/\",\"name\":\"What is a Jumbo Loan in Georgia in 2024? 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