Jumbo Loan

Jumbo Loan

Jumbos

The term “jumbo” automatically triggers the mind to think about something “grand”! Theoretically speaking, a jumbo loan is a grand loan, a loan that’s made to use to finance an expensive property. These are loans that exceed the limit of a conforming loan. The Federal Housing Finance Agency (FHFA) sets the maximum limit of a conforming loan to be $548,250 in most countries. Any amount that exceeds this limit is qualified to be a jumbo loan.

Things To Consider:

  • The path of jumbo loans is riskier for loan providers since Fannie and Freddie cannot guarantee them. This means that the lender isn’t protected in cases of defaults.
  • Jumbo Loans are either available at a fixed rate of interest or an adjustable rate of interest. Each of these has its own terms and conditions. It is advised to consider all the terms carefully before picking the right loan for you.

How To Qualify For A Jumbo Loan?

The road to jumbo loans isn’t easier, considering the risks involved, but when you choose a trusted loan provider like WGB loans, you can expect minimum risks involved and sleep with a peaceful mind. The following are the requirements for qualifying for a jumbo loan.

- Credit Score

Usually, a credit score higher than 700 is considered good in the eyes of the lenders. Since a jumbo loan is a big deal, a good credit score is a must prerequisite.

- A Healthy Debt-To-Income Ratio

Lenders take into consideration the debt-to-income ratio. This is done to make sure that the borrower doesn’t’ become overleveraged. However, adequate cash reserves can make this consideration flexible.

- Superb Cash Reserves

A jumbo loan is a huge loan deal. In order to get qualified for a jumbo loan, a borrower must have enough cash reserves to pay back the loan. A superb cash reserve keeps you at a high chance of getting a jumbo loan approved.

- Essential Documentation

Claiming a loan of more than $548,250 isn’t a cakewalk. Clearly, the loan provider will have to see a lot of your records. If you have all the required documents for a jumbo loan, you will get the upper hand over other loan seekers. Moreover, this will also ensure that you save for all the time and fuss later.

Portfolio Jumbo and Super Jumbo Residential Loans

As a premier provider of million dollars home loans, Whittaker Gregory Burton is an expert at accommodating large loan amounts and creating custom mortgage solutions:

  • Bank Statement Loans
  • Loan amounts up to $35 Million or more
  • Underwriting flexibility
  • Portfolio Loan Options
  • Extensive range of mortgage programs and options
  • Interest-only options available
  • Unique properties considered
  • Up to 95% financing on purchase loans
  • Highly competitive non-resident alien programs
  • Intimately familiar with luxury home markets
  • Asset Utilization: use your liquid assets to assist in meeting full doc debt-to-income (DTI) ratio requirements
  • Pledged Assets: finance up to 90% of a home’s value by pledging security assets or savings in lieu of a down payment
  • Cross Collateralization: finance up to 100% of a home’s value through securing the loan against an additional free and clear property
  • 5% down payment with no mortgage insurance on 30 year fixed $1.5M-$2M. Interest only options available

How Does WGB Loans Help?

There is no doubt you had sweat rolling over your face after reading the qualifications. Relax, you have WGB loans by your side! At WGB loans, we ensure that your loan seeking process gets simplified, 100% transparent, and easy to understand. We do not believe in complicating things and focus on giving you desirable outcomes.

  • We make the loan process easier and understandable.
  • We ensure that the documentation process is fuss-free. We aim at saving your legwork and efforts while also adhering to the mandatory documentation requirements.
  • We analyze your credit score and DTI properly and focus on every minute detail. Our requirements are firm yet flexible in order to satisfy your specific needs.
  • Our score analysis is error-free and objective. We believe in fairness.
  • Our people know how to present all the terms clearly. We believe in transparency and thus make you understand each step involved.
  • Our people also aim at minimizing your concerns and entertaining your queries at every step involved in the loan process.