Owning a home may be easier than you think…
if you buy in a "rural" area.
Unlike with a conforming mortgage, the underwriting process for a jumbo mortgage may require two appraisals instead of just one.
When shopping for a jumbo loan you’ll find that they generally require higher down payments. Depending on the lender, the minimum down payment could be 15%, 20% or 30% for your home purchase.
Many jumbo lenders require a credit score of 700 or higher, a debt-to-income ratio of 43% or less, and six to 12 months’ worth of reserves in your bank account...
To learn more about this program and how it could help you, please contact us.
FEATURES:
- Refinance or purchase up to $3,000,000, or do a cash-out refinance of up to $500,000 for your next big home project.
- Credit scores as low as 700 may qualify.
- Our VA jumbo loans give veterans added value – no money down for purchases and refinances up to 90% of your home’s value.
HOW A JUMBO LOAN WORKS:
- Any loan over the conventional loan limit ($453,100) is considered a jumbo loan.
- Loan limits vary by county, and rates depend on where your property is located.
- Your actual payment will vary based on your situation and the current interest rates when you apply.
- Pay your mortgage at any time without pre-payment penalties.