Jumbo Loans are for loan amounts above conventional loan limits. Multiline Mortgage Services has lenders that allow loan amounts up to $3,000,000.
These loans are eligible for primary residences. Call and ask us about second or vacation homes. There may be restrictions, however, tell us your story and let’s see how we can make it work. Jumbo loans can be used for investment property as well. Some of our lenders offer programs with no PMI. Call Multiline Mortgage Services for details.
A jumbo mortgage may be the answer to your accountant telling you money needs to be spent. By their very nature, Jumbo Loans have a more rigorous credit requirement than homeowners applying for a conventional loan. That’s because jumbo loans carry more credit risk due to their lack of a Fannie Mae or Freddie Mac guarantee.
Generally, you’ll need to have a good credit score and low debt-to-income (DTI) ratio. You’ll need to prove reserves of or access to cash on hand to cover your mortgage payments. Specific income levels and reserves depend on the size of the overall loan. How much you can ultimately borrow depends, of course, on your assets, credit score and value of the subject property.
Required document production are much like any other loan: Copy of driver’s license and social security card OR passport; W2s and pay stubs if you are a salaried employee or tax returns if you are self-employed; two most recent months of bank statements and/or asset accounts; and home owner’s insurance declaration page.
Bank statement loans for a Jumbo are also available. Call us for details!
Contact Multiline Mortgage Services for questions about your mortgage needs.