Finance
Which loan type is best suited for a Washington borrower with high income, strong credit, and wanting to purchase a $1.5 million primary residence?
AFHA loan
BVA loan (if eligible)
CJumbo loan✓ Correct
DUSDA Rural Development loan
Explanation
A jumbo loan (non-conforming loan) is necessary for loan amounts exceeding FHFA conforming loan limits. For a $1.5 million purchase, the loan amount would exceed standard conforming limits, requiring a jumbo product.
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