Anatomy of a Jumbo Mortgage Loan
Back in 1950, the average square footage of a single family home was around 980 square feet. Today, many apartments are larger than that. As of 2010, the average size of a single family home was nearing 2,500 square feet according to the National Association of Home Builders.
Big houses are no longer just for celebrities and big shot business people. But with big houses come big loans, and the lenders on these big loans play by a slightly different set of rules than when they are dealing with a normal “conforming” loan.
If you are considering up-sizing to a larger home and you don’t plan on paying cash for the house, here are the things you need to know.
First of all, what is jumbo?
The word jumbo is a…