Jumbo Loan

The each county in the US has a maximum county limits. So each county has its own limit.

Let’s say in LA County our maximum limit is 1,089,000. So if you go within that range, you can still buy a property with minimum down payment, let’s say 3 1/2%. But if you like to buy something more expensive, let’s say you want to buy a property for a million and a half, then you kind of in jumbo category and you need to put minimum 20% on payment you to have good FICO score, good job income and all that in order to qualify for jumbo.

So pretty much there’s not a huge difference, the only difference between jumbo and other loans that the limits are over the counter limits that they allow.