Jumbo Loans in Texas
Everything is bigger in Texas. That’s right! Not only is Texas known for its big and bold personality, but that extends to the world of real estate too. Specifically, we mean Texas jumbo loans.
The Housing Market in Austin
If you are looking to buy a high-value property in Texas, especially in Austin, you may need a jumbo loan. Without a doubt, this was confirmed in a recent article in Wall Street Journal, the writer reported: “In Austin, the state’s priciest market, the median sale price for an existing home was $240,700 in December, a 10.7% year-to-year rise, according to NAR. That’s less than a third of the $737,600 median price in San Francisco.” Wow!
What is the conforming loan limit for Austin?
The conforming loan limit for Travis County is $726,200.* Alternatively, the FHA loan limit is $483,000. The median listing price for a home in Austin, Texas was $610,000 in February 2023. Therefore, it is highly likely a borrower may opt for a jumbo loan for a home purchase in the Austin area.
Free, helpful jumbo answers!
Granted that possibility, you want to know more about this type of loan. Check out my free jumbo loan FAQ for the fundamentals.
At this time, our home loan portfolio includes the Jumbo ARMS Program, Jumbo Plus Program, and Jumbo 89.90 LTV No MI Program. So if you are ready to take the plunge into the Texas or Austin real estate market, we would love to help steer you in the right direction. To learn more about the Jumbo loan products, give me a call or contact me now.
*Updated to reflect 2023 conforming loan limits for Travis County.