Firehouse Mortgage offers professional mortgage brokering services to homebuyers in Houston Texas. We strive to attain the highest level of customer service satisfaction and trust.
When you are buying or refinancing for a large home loan that exceeds the standard home loan amount, a jumbo loan could be the right mortgage option for you. Home loan limits and amounts are generally determined by the Federal Housing Finance Agency (FHFA). These loans are too costly for a typical conforming conventional loan and typically exceed the amount of $548,250. This amount could vary depending on the market and location and in other areas, exceptions could still be made.
A jumbo loan is also known as a non-conforming conventional mortgage. When you think of conforming loans, these type of loans will adhere to the stricter standards imposed by Fannie Mae and by Freddie Mac while non-conforming loans such as jumbo loans, may be more pricey but allow the person purchasing or refinancing the home to exceed purchasing limits. A non-conforming loan is one that is not backed by the federal government and does not have to meet the underwriting guidelines set by Fannie Mae and Freddie Mac.
Jumbo loans can come with an ARM (adjustable rate mortgage) or a predictable fixed rate depending on what is best for the home buyers’ necessities. The homebuyer can also choose from terms of 15 years for their mortgage or a term of 30 years.
Who can benefit the most from Jumbo 30 year loans when it comes to mortgage options?
If a 30 year jumbo loan sounds like the right choice for you, there are several criteria you will need to fulfill in order to qualify. The first requirement is a down payment. Generally speaking, 20% or more in some cases are put down in order to consider the loan approval. After a down payment is reviewed, the debt to income ratio (DTI) is also reviewed. Typically a lender supports a 45% ratio or below in order to qualify for a 30 year jumbo loan.
Another factor that will need to be reviewed is the homebuyers credit score. Ordinarily a score of 720 is used as a qualifying factor. Lastly, when seeking approval for a jumbo loan, having ample cash reserves in the bank are very useful. Lenders typically use this to factor in for their qualifications to show that they home purchaser will have enough to funds for up to one year of their mortgage payments.
If you’re looking for a luxury home and want lower down payments then a 30 year jumbo mortgage may be just the right option for you. Contact one of our qualified loan officers at Firehouse Mortgage today and let’s get you in the home you deserve.
Firehouse Mortgage offers professional mortgage brokering services to homebuyers in Houston Texas. We strive to attain the highest level of customer service satisfaction and trust.
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Consumers wishing to file a complaint against a company or a residential mortgage loan originator should complete and send a complaint form to the texas department of savings and mortgage lending, 2601 north lamar, suite 201, austin, texas 78705. Complaint forms and instructions may be obtained from the department’s website at www.Sml.Texas.Gov. A toll-free consumer hotline is available at 1-877-276-5550. The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at www.Sml.Texas.Gov.
