Jumbo loans are used to finance homes with loans exceeding the loan limits set by government sponsored entities (GSEs). It is suitable for borrowers who want to buy luxury homes or refinance existing large mortgages. Jumbo loans allow you to have larger loans at a lower rate because it does not conform to the requirements set by Fannie Mae and Freddie Mac.
You may be eligible to qualify for a jumbo loan if you can meet these requirements:
• Have a decent credit score (680 and above)
• Have a low debt-to-income (DTI) ratio (under 43% at least)
One thing to keep in mind: these loans will naturally come with higher interest rates. To qualify, a good credit history is essential, so double check all credit reports for any potential inaccuracies. In general, being accepted for a jumbo loan is difficult, so you must also be able to prove that your income is high enough to be able to afford monthly mortgage payments.
Feel free to Contact The Eric Vavere Team today for any inquiries about jumbo loans!
We had an aggressive pre-approval timeline and an aggressive loan contingency timeline, and Eric’s team met those milestones. Eric also gave great advice, and the rate we received was extremely competitive. Thank you for the great experience.Yip
Eric and his team were great to work with. They locked me in at a great rate and helped me achieve a pre-approval that made my offer more competitive. Eric even went out of his way to call the listing agent to solidify my offer when there were multiple competing offers. Without this, I am unsure if the seller would have accepted my offer. Thanks again, Eric!Tikker
Eric and his team were efficient, thorough, and very helpful throughout the whole process. As first-time buyers, we had many questions; Eric and Team were very informative and proactive when explaining each step. They were always quick to respond to communications and got us closed in 21 days. We would definitely use them again in the future.Radtke
Professionalism from top to bottom. Still can’t believe how smooth things went. One of the best teams to work with. Thank you so much Eric and team and look forward to doing continued business in the future.Michel
My wife and I recently purchased our first home. We worked closely with Eric Vavere on the loan. Eric was patient, knowledgeable, and supportive throughout the purchase . He took the time to understand our situation and advice us on the best approach to secure a loan. The actual loan process was smooth and clear. We were able to communicate with Eric and his team easily and we understood each step in the process thanks to his communication. We would definitely work with Eric and his team again!Madigan
When it came time to perform, they were lightning fast and were able to give us a competitive edge with fast loan and escrow times. Everyone that communicated with me from the team were very friendly. Highly recommend Eric and his team.Kim
Eric and team were incredible – quickly providing me confirmation of a loan, and coaching me through the process every step of the way. Super grateful to Eric and team for helping land me my dream homeDeyan