You don’t have to empty your savings to help finance the loan, and it’s simple enough that there’s no need for multiple mortgages. With new guidelines from the FHA, limits for jumbo loans have increased, and there's a greater chance of them being backed by the government.
The downside to jumbo loans is that even though the application process has been simplified, they’re not easy to qualify for. As a borrower, you need to have an almost excellent credit score, make a large down payment, and have a low debt-to-income ratio.
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