It’s not just the luxury homebuyers of Manhattan or San Francisco that are taking out jumbo loans these days. So are buyers in Denver, Portland, Ore., and Detroit, The Wall Street Journal reports.
Data from a Zillow analysis shows that the number of homes that would require buyers to get a jumbo mortgage with a 25 percent down payment has increased by 13 percent since 2012 in the 25 top metro areas.
Jumbo loans are mortgages that exceed the $417,000 limit on government-backed loans.
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