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Jumbo Loans

Did you find out that your dream home costs more than you expected? Don’t panic, as the loan experts at Spire Financial can assist you in securing a jumbo loan. Often, a regular mortgage just isn’t enough, which is why jumbo loans were created. A jumbo loan, or jumbo mortgage, is a non-conforming conventional purchase loan. Jumbo mortgages exceed the cap put on by Fannie Mae and Freddie Mac, making these loans essential for borrowers who wish to finance properties that are more expensive than a conventional loan will allow.

Meeting the Jumbo Loan Requirements

Securing a jumbo loan starts with putting at least 20 percent down with a debt to income ratio of around 40 percent. Jumbo loans have much stricter requirements than other purchase loans because of the risk the lender is taking. You should be prepared to provide a lot of personal information to demonstrate your ability to take on a jumbo loan. Lenders always try to balance the risk depending upon the circumstances of each borrower.

Strict Credit Scores Required

Unfortunately, not all credit scores will meet the criteria for a jumbo loan. Generally, you will need a credit score of 700 or greater, in addition to significant cash reserves. Be patient, as these purchase loans go through manual underwriting while your personal financial records are carefully studied by financial experts.

Is This Loan Right for You?

Spire Financial has the loan professionals to help you determine if jumbo loans are right for you. They are good for home buyers looking to buy a more expensive property, but keep in mind lenders will often ask for bank statements, previous tax returns, and proof of ongoing income

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.

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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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