Jumbo Loans are for loan amounts above $424,100. 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.
So you have your sights set on a home that costs close to half a million or more and you don’t have that much sitting in a bank account. A jumbo mortgage may be the answer. 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.