Jumbo Loans
What is it?
You can get a Jumbo Loan when the loan amount is higher than the conforming loan limits established by the Federal Housing Finance Agency (FHFA). A Jumbo Loan helps to finance homes that are too expensive for a conventional conforming loan.
Program Details:
The highest amount for a conforming loan is $548,250, defined by the Federal Housing Finance Agency (FHFA). Homes that transcend the local conforming loan limit require a Jumbo Loan.
How do I Qualify for a Jumbo Loan?
Credit Score
To qualify for a Jumbo Loan, your FICO score needs to be higher than 700. There are times that your score will need to be as high as 720.
Debt-to-Income Ratio
We will examine your debt-to-income ratio to ensure you don’t become over-leveraged, though it may be more manageable if you have sufficient cash reserves.
Cash Reserves
You have a higher possibility of being approved for a Jumbo Loan if you have adequate cash in the bank. It’s not unusual to ask borrowers to prove they have sufficient cash reserves to cover one year of mortgage payments.
Appraisals
We may need a second home appraisal for the property you’re intending to buy.