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.
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.
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.
We may need a second home appraisal for the property you’re intending to buy.