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.
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.
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.
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.
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.
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:
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.