We’re in a crazy market none of us have seen before. I shared a customer experience about the different options for the higher purchase price buyer. Well, what if we do need to go with a jumbo loan? What does that look like?
As a mortgage professional with a correspondent lender (Citywide Home Loans), I have the ability to shop around with many different mortgage banks while Citywide Home Loans maintains in-house processing, underwriting, closing and funding of your loan. I took a look at our jumbo lenders to see what I could find for you. Just like any type of loan (but even more so with jumbo loans) the overlays will vary from lender to lender. I have reviewed about 15 different jumbo lenders to show you the wide-spread options that exist.
If you have the opportunity to expand into the higher purchase prices with a buyer you may have less competition in this market and get them under contract. To help you get a feel for the 30 year fixed rate jumbo mortgage options here is what we have available for you and your buyers:
- Financing up to $3,000,000
- Down Payments as low as 10%
- Credit Scores as low as 660
- Debt-to-Income ratios as high as 50%
Of course not all of these terms can be combined together. So I found the one jumbo loan option with the most expanded qualifying criteria available and here is what it looks like:
- $2,500,000 Maximum Loan Amount
- 20% Down Payment
- 660 Minimum Credit Score
- 50% Maximum Debt-to-Income Ratio
Wow! Those are pretty lenient guidelines. As you can imagine, the more you stretch the criteria in qualifying the more you pay for it in rate, but the option is there.
Do you know of someone in need of a jumbo loan? We would be happy to help determine which jumbo loan option is best considering all the available options.