Finance
Virginia borrowers taking out jumbo loans (above conforming limits) in Northern Virginia typically face:
ALower interest rates than conforming loans
BStricter qualification requirements including higher down payments and credit scores✓ Correct
CFHA insurance requirements
DNo difference from conforming loans
Explanation
Jumbo loans in Virginia's high-cost markets (Northern Virginia, Northern Virginia suburbs) exceed FHFA conforming limits and are held in portfolio by lenders. They typically require higher down payments, stronger credit, and more reserves.
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