 TITLE: What Type of Mortgage Loan Is Best? CONTENT: When Is a Jumbo Mortgage the Right Option?\n------------------------------------------\nConventional loans are also sometimes referred to as conforming loans, which means they \"conform\" to government limits that are intended to keep the housing market stable. Loans that exceed this amount are called noncoforming loans, or jumbo loans, but what qualifies as a jumbo loan can vary widely depending on location. That's because in hot markets in places like San Francisco, the average house costs a lot more than it does in areas like the Midwest. In most regions, however, a jumbo loan is anything over $484,350.\n### What to Consider Before Getting a Jumbo Mortgage\nBecause a jumbo loan is by definition a large mortgage loan for an expensive home, it is really only for borrowers who have high incomes and can comfortably make the large loan payments.\nBorrowing criteria for jumbo mortgages is usually stricter than for conventional loans. You typically need a FICO® Score☉ of at least 700, and most lenders want to see six to 12 months' worth of payments saved in your bank accounts. Jumbo loan borrowers often need to put down as much as 15% to 30% to secure the loan. END