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Jumbo Loans

Have you discovered that your ideal house is more expensive than you anticipated? Don’t worry; the loan specialists at Spire Financial (A Division of AmeriFirst Financial, Inc.) can help you secure a jumbo loan. A standard mortgage isn’t always adequate, which is why jumbo loans were invented. A jumbo loan, sometimes known as a jumbo mortgage, is a nonstandard conventional purchase loan. Jumbo mortgages are loans that surpass the limits set by Fannie Mae and Freddie Mac, making them necessary for borrowers in Westminster who want to finance properties that are more expensive than a standard credit will allow.

Meeting the Jumbo Loan Requirements in Westminster

To qualify for a jumbo loan, you must put down at least 20 percent and have a debt to income ratio of roughly 40 percent. Because of the lender’s risk, jumbo loans have significantly tougher restrictions than conventional purchase loans. To establish your capacity to take on a jumbo loan, you need to be prepared to supply a large amount of personal information. Lenders usually attempt to balance risk based on the conditions of each borrower.

Strict Credit Scores Required

Unfortunately, not all credit scores will qualify for a jumbo loan. In general, you will require a credit score of 700 or more, as well as sufficient cash reserves. Be patient as these purchase loans go through manual underwriting as financial specialists thoroughly examine your particular financial data.

Is A Jumbo Loan Right for Your Property in Westminster?

Spire Financial provides loan specialists that can assist you in determining whether jumbo loans are suited for you. They are advantageous for Westminster house purchasers seeking to purchase a more costly property but bear in mind that lenders sometimes want bank statements, prior tax returns, and proof of current income.

Other Loan Services in

    Spire Financial brings lending expertise to you. All of our loan officers offer personalized communication for every client, guiding them through the process. We can show you ways to maximize your finances and unlock future opportunities. Spire Financial keeps you in control of refinancing, debt consolidation, and home equity. Together, we can achieve your financial goals.

    Other Locations for Jumbo Loans

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    Disclaimer

    V.I.P. Mortgage, Inc. DBA Spire Financial does Business in Accordance with Federal Fair Lending Laws. NMLS ID 145502. For state specific licensing, visit www.vipmtginc.com/national-licenses/. V.I.P. Mortgage, Inc. is not acting on behalf of or at the direction of the FHA/HUD or the Federal Government. This product or service has not been approved or endorsed by any governmental agency, and this offer is not being made by any agency of the government. V.I.P. Mortgage, Inc. is approved to participate in FHA programs but the products and services performed by V.I.P. Mortgage, Inc. are not coming directly from HUD or FHA. Information, rates, and programs are subject to change without notice. All products are subject to credit and property approval. Not all products are available in all states or for all loan amounts. Other restrictions may apply. This is not an offer to enter into an agreement. Not all customers will qualify.

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