{"id":1928,"date":"2018-06-25T15:52:16","date_gmt":"2018-06-25T15:52:16","guid":{"rendered":"https:\/\/dreamhomefinancing.com\/\/?page_id=1928"},"modified":"2020-12-23T11:30:18","modified_gmt":"2020-12-23T11:30:18","slug":"JumboMortgages","status":"publish","type":"page","link":"https:\/\/dreamhomefinancing.com\/JumboMortgages.aspx","title":{"rendered":"Jumbo Mortgage Information"},"content":{"rendered":"<section class=\"wpb-content-wrapper\"><p>[vc_row][vc_column][vc_column_text]A jumbo mortgage is what you are going to need if you plan to buy an expensive home. Conforming loans are capped at $424,100 (in most areas) for a single unit residence. Jumbo mortgages are loans that are larger than the conforming limits in your area. In a few select geographies such as California or New York where homes are more expensive, jumbo mortgages start as high as $636,150. Hawaii even higher at $721,050 in some areas.[\/vc_column_text][vc_empty_space height=&#8221;15px&#8221;][vc_column_text]<strong>Jumbo Mortgage Lenders With The Best Rates<\/strong><\/p>\n<p>If there is one thing we have learned over the years is that guidelines change and so do rates. One size does not fit all and a lender that has a great rate one one program may not necessarily have the best rates for others. The best thing is to\u00a0<a href=\"https:\/\/dreamhomefinancing.com\/\/LeadForm\/\"><strong>CLICK\u00a0TO\u00a0BE\u00a0CONNECTED\u00a0WITH\u00a0A\u00a0JUMBO\u00a0MORTGAGE\u00a0LENDER<\/strong><\/a>\u00a0for the best possible rates.[\/vc_column_text][vc_empty_space height=&#8221;15px&#8221;][vc_column_text]<strong>Pros and Cons of a Jumbo Mortgage<\/strong><\/p>\n<p><u><strong>Pros<\/strong><\/u><\/p>\n<ul>\n<li>Jumbo loans enable you to purchase that very expensive dream home<\/li>\n<li>Plenty of lenders offer jumbo loans<\/li>\n<\/ul>\n<p><u><strong>Cons<\/strong><\/u><\/p>\n<ul>\n<li>Higher down payment required<\/li>\n<li>Credit score requirements may be higher<\/li>\n<li>Rates are a bit higher than conforming loans<\/li>\n<li>You will need more cash reserves<\/li>\n<li>General guidelines may be more stringent<\/li>\n<\/ul>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;15px&#8221;][vc_column_text]<strong>Qualifying for a Jumbo Mortgage<\/strong><\/p>\n<ul>\n<li><strong><u>Debt to Income Ratios<\/u><\/strong>\u00a0&#8211; With conforming loans, many lenders have flexibility but with Jumbo Mortgages they will keep the DTI\u00a0limit closer to 45% or below.<\/li>\n<li><strong><u>Credit Score Requirements<\/u><\/strong>\u00a0&#8211; This is a bit more difficult too. Many lenders require higher scores than with conforming loan amounts. It is best to have us connect you with a loan professional to discuss your personal scenario.<\/li>\n<li><strong><u>Cash Reserves<\/u><\/strong>\u00a0&#8211; Typically you would need 6 months&#8217; of PITI (principal, interest, taxes and insurance) reserves. The more reserves you have, the better the chances you will be approved for a jumbo loan.<\/li>\n<li><strong><u>Loan Documentation<\/u><\/strong>\u00a0&#8211; The documentation requirements will be the same as with the conforming loans. One would expect that a borrower who is applying for a jumbo loan will have more assets though.<\/li>\n<li><strong><u>Appraisals<\/u><\/strong>\u00a0&#8211; This should also be the same as with conforming loans. However, we have seen multi million dollar loans and the lender requiring a second appraisal. The other thing to note is that sometimes the cost of the appraisal is higher when the purchase price of the home is much higher.<\/li>\n<\/ul>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;15px&#8221;][vc_column_text]<u><strong>Jumbo Mortgage Freqently Asked Questions &#8211; FAQ<\/strong><\/u><\/p>\n<p><strong>What is the nimumum jumbo mortgage loan amount?<\/strong>\u00a0Jumbo Mortgages start after $453,100 in most areas. However, there are some high cost areas where the conforming limit is higher and then jumbo mortgages start after that.<\/p>\n<p><strong>Are there Jumbo Adjustable mortgages?<\/strong>\u00a0Yes, and in many instances this may be the best option for some borrowers.<\/p>\n<p><strong>What is the minimum credit score required for a jumbo mortgage?<\/strong>\u00a0Although it may vary by lender, the credit score required is typically a little higher than for conforming loans. You should target a score of 700.<\/p>\n<p><strong>Is there a minimum down payment amount for a jumbo Mortgage?\u00a0<\/strong>No, there is no minimum but putting at least 20%\u00a0down gives you a better chance of being approved. Also, the PMI\u00a0can get expensive if you put less than 20%\u00a0down.<\/p>\n<p><strong>Can you get a jumbo stated income or jumbo no document loan?<\/strong>\u00a0Those programs do exist but they are n ot easy to find. The good news is that we are connected to the lenders who do offer those programs for self employed borrowers.[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/section>","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_column_text]A jumbo mortgage is what you are going to need if you plan to buy an expensive home. Conforming loans are capped at $424,100 (in most areas) for a single unit residence. Jumbo mortgages are loans that are larger than the conforming limits in your area. In a few select geographies such as California or&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"_kadence_starter_templates_imported_post":false,"_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/dreamhomefinancing.com\/wp-json\/wp\/v2\/pages\/1928"}],"collection":[{"href":"https:\/\/dreamhomefinancing.com\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/dreamhomefinancing.com\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/dreamhomefinancing.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dreamhomefinancing.com\/wp-json\/wp\/v2\/comments?post=1928"}],"version-history":[{"count":5,"href":"https:\/\/dreamhomefinancing.com\/wp-json\/wp\/v2\/pages\/1928\/revisions"}],"predecessor-version":[{"id":4797,"href":"https:\/\/dreamhomefinancing.com\/wp-json\/wp\/v2\/pages\/1928\/revisions\/4797"}],"wp:attachment":[{"href":"https:\/\/dreamhomefinancing.com\/wp-json\/wp\/v2\/media?parent=1928"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dreamhomefinancing.com\/wp-json\/wp\/v2\/categories?post=1928"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dreamhomefinancing.com\/wp-json\/wp\/v2\/tags?post=1928"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}