Shopping for an expensive home or searching in a hot real estate market? An affordable jumbo might be the answer.
Let us put you in contact with a home loan expert to help you get pre-approved today.
About Jumbo Loans
If you’re shopping for an expensive home or searching in a hot real estate market, you may find that the amount you need to borrow exceeds the loan limits for traditional loans.
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.
How do I qualify?
Jumbo mortgages and conforming home loans like conventional loans have many similarities, but there are some key differences to be aware of, including the amount of down payment, cash reserves and credit score you’ll need to qualify. Underwriting criteria for most jumbo loans are stricter because the loans are larger and riskier for wholesale lenders. Most lenders will require a 720+ FICO but at Nevada Home Loans we have options available down to a credit score of 700+.
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.