Jumbo Loans

We also provide conventional and unconventional Jumbo loan choices. These loans are made for purchases that turn out to cost more than the predetermined limit by the Federal Housing Finance Agency.

The buyers that do not fit in the conventional financing criteria go for non-traditional Jumbo loans.

These loans are generally huge loans for expensive homes. They are not covered by Freddie Mac or Fannie Mae. In the majority of countries or states, single-family homes cost over $647,200. Jumbo loans also include non-conforming loans or non-conforming conventional loans.

Jumbo Loan Eligibility Requirements

• Reduced debt-to-income ratio (below 43%, around 36%).
• High credit score (above 700).
• Proof of income and assets for the payments
• Buyers must have proof of having adequate cash to provide a year of payments.
• Down payments of Jumbo loans are around 10-20% of the cost.

 

Jumbo loan eligibility requirements:

• Low debt to income ratio (under 43% but aim for 36%)
• A very high credit score (over 700)
• Proof of income and assets to cover payments

• Buyers must prove they have enough cash on hand to cover a year of mortgage payments.
• Down payments required for a jumbo loan range between 10-20% of the home price.