Shopping for an expensive home or searching in a hot real estate market? An affordable jumbo might be the answer.
Your best option could be a jumbo loan, which allows you to borrow a larger sum of money for a property than a conforming loan. A conforming loan is a mortgage that “conforms” to Fannie Mae and Freddie Mac requirements regarding credit, debt and loan size.
The primary benefits of a Jumbo Purchase are...
- Our Jumbo 90% LTV with no M.I. gives you the option of making a lower down payment or the ability to increase your buying power.
- Among the most competitive 30-year fixed rates in the industry.
- Loan amounts all the up to $3 million while still being eligible for primary, secondary and investment properties.
How do I qualify?
Some other eligibility requirements include...
- Credit Score. The minimum credit score requirement is 700+ depending on the the wholesaler that is used. Some will require 720+.
- Income must be verified by reviewing your recent pay stubs, W2s and tax returns. Debt-to-income ratio cannot exceed 43%.
- To prove your financial well being, we’ll need extensive documentation. Bank statements and investments will need to be verified to ensure the you has sufficient assets to close. These funds must be able to cover a down payment with any other closing costs.
We’re transforming the way people think about financing their home. We’re also building a team that proactively tackles the challenges that come with getting a mortgage. Learn more about why we do what we do.
Is a Jumbo Purchase right for you?
Speaking with one of our experience loan help officers can help you further decide the best option, weighting the benefits and drawbacks of loan types so that you can make the best decision for your situation.