Jumbo Loans
Jumbo Loans are a type of loan that exceeds the conforming loan limit. These loans are for homes with higher prices and more in the ‘luxury” category. Scroll down to learn more or APPLY TODAY.
Jumbo Loans
Jumbo Loans are a type of loan that exceeds the conforming loan limit. These loans are for homes with higher prices and more in the ‘luxury” category. Scroll down to learn more or APPLY TODAY.
Jumbo Loan Requirements
- A 700 or above credit score is ideal. However, newer programs have introduced options with lower requirements.
- A low total debt-to-income ratio (around 42%)
- A substantial savings to cover closing costs
- Residual savings to cover 2-6 months of mortgage payments
- 2 years worth of W-2’s
- Federal Tax Returns
Jumbo Loan Interest Rates
Jumbo loans used to have higher interest rates than your conforming home loans. However, in the past few years, that gap has been closing, as investors seek opportunities to invest in alternative mortgage products than Fannie, Freddie, and Ginnie Mae offer.
Jumbo Loan Interest Rates
Jumbo loans used to have higher interest rates than your conforming home loans. However, in the past few years, that gap has been closing, as investors seek opportunities to invest in alternative mortgage products than Fannie, Freddie, and Ginnie Mae offer.
Jumbo Loan Down Payments
Thankfully, the past few years we’ve seen jumbo loan down payment requirements drop from 30% of the home loan to as little as 5%. While we can’t ever control this or promise it will always be this way, we’re excited this is the trend we’re seeing.
Is the Loan Right for You?
Is The Jumbo Loan Right for You?
It all depends on your collective wealth from assets, cash, investments, debt-to-income ratio, credit score, and down payment amount. If you think you are looking at a house over $510,400 this might be the right loan.
We’re Here to Help
Contact Us
Strategic Mortgage Solutions offers a suite of jumbo loan products for Oregon home buyers including Premiere, Select, and Choice. Through these three options, we provide our clients with choices in how they would like to structure their loan based on eligibility. With each choice, flexibility with eligibility requirements are considered.
Contact us today with further questions or APPLY TODAY.
