Buy your dream home with a jumbo loan!

Have you always dreamed of owning a luxury home? You’re not alone. Most people like to daydream about a fancy house with all the most lavish amenities. It’s why we love hearing about expensive mansions that go up for sale. Recently, one of the most expensive homes in Dubai was put up for sale. This $204 million mansion, known as the Marble Place, is decorated to look like the Palace of Versailles. With over 70,000 square feet, it’s one of the biggest homes in one of the most luxurious neighborhoods in the country.

For most people, a home like The Marble Place is widely out of reach. But that doesn’t mean you have to give up on your dream of a luxury home. If you’ve worked hard and have your finances in a good place, you can apply for a jumbo loan to finance the purchase of your dream home. A jumbo loan works much like a conventional mortgage, but it has a much higher loan limit and is designed for high-value properties. This type of loan is great if you’re ready to move on from your first home or buy in a high-value area. With this type of loan, you can shop confidently in a hot real estate market or invest in luxury amenities you couldn’t afford with your first home.

To qualify for a jumbo loan, you still have to meet many of the same requirements as a conventional loan. There are minimum credit scores you have to meet, income-to-debt ratio limits, and you have to provide proof of income. You’ll also likely need at least 20% of your loan amount for a down payment, though some jumbo loan programs offer lower down payment requirements. But unlike a conventional loan, a jumbo loan is designed for buying properties with price tags above $650k or more, so you have more flexibility to find your dream home.

You may never be able to buy a massive mansion fashioned after a literal palace in the most exclusive Dubai neighborhood, but that doesn’t mean you don’t deserve your dream home. With the flexibility of a jumbo loan, you can finally have the luxury amenities and home you’ve always wanted. Talk to your PRMI loan advisor today to see if a jumbo loan is the right choice for your next home purchase.