A jumbo mortgage are home loans that exceed conforming loan limits of $417,000.00 and High balance loan amounts of $625,500.00 in specific counties.
Due to the size of the loan amount, there are more stringent guidelines pertaining to the jumbo loans. Here is a partial list. It is as follows:
Credit History: Typically credit score must be above 700 or higher.
Financial Strength: When applying for a jumbo loan, the maximum debt-to-income ratio is 43%, and reserves can be as high as 20% of the value of the loan depending on other factors such as credit.
Down payment: There is no private mortgage insurance option with a jumbo loan, so a down payment of 20% or more will be necessary.
Are you ready to be pre-approved for a jumbo loan? Let us help you and find the rate and term you are looking for!