JUMBO LOANS
Larger loan, closer review.
When a loan amount exceeds the applicable conforming limit, a jumbo program may be worth exploring. Lender standards can differ significantly.
When this may be worth exploring.
A useful first step is matching the program to your goals and the property.
- The requested loan amount is above the applicable conforming limit.
- You have complex compensation, significant assets or a unique property.
- You want to compare lender documentation and reserve requirements.
What to compare.
A lower upfront cost does not necessarily mean a lower long-term cost. Compare the whole transaction.
- Down payment, reserves and eligible assets.
- Income calculation and property valuation.
- Rate, points and overall closing costs.
Details that help John review your scenario.
You can call without having everything ready. These details make the conversation more useful.
- Approximate price or value and intended loan amount.
- Income sources, assets and other property ownership.
- Desired occupancy and closing timeline.
A few questions borrowers ask.
Requirements can vary by loan program and lender.
Is every loan above a certain dollar amount jumbo?
The threshold depends on the applicable conforming loan limit, property and year.
Are requirements uniform?
No. Jumbo underwriting and lender overlays vary.
TALK THROUGH YOUR SCENARIO
Start with a conversation.
Tell John what you want to accomplish. He’ll help you sort through the options and next steps.