When you take on a home loan, you’re usually required to get a mortgage that fits within a certain financial range. This is to protect you from lenders who will cherry-pick the best-qualified customers and penalize you for being over-extended.

Jumbo loans, on the other hand, are more flexible and are not tied to a particular price range. This means that you can get a jumbo loan even if your credit is not the best. Because of this, many prospective homebuyers have misconceptions about jumbo loans.