CHOOSE PierPoint Mortgage For Your Jumbo Loan
A Jumbo mortgage is a home loan for an amount that exceeds conforming loan limits set by Fannie Mae and Freddy Mac regulations. Jumbo loans begin at $417,000 in most of the U.S. In counties with high home prices, conforming loans have higher limits, up to $625,500.
If you are in need of a jumbo loan for a property worth more than $417,000, you need mortgage managers you can rely on. PierPoint Mortgage prides itself on doing business the right way which is with honesty and integrity. We will work alongside you to make sure that your finances are secure, and that you save as much money as possible.
The rates are typically higher with Jumbo Mortgages due to the amount of risk associated with financing a larger property. This is because it may be more difficult to sell and recoup losses in the case of a default.
Traditional down payments of 20%-30% are required for most Jumbo loans.
Regardless of the size of your mortgage, the underwriter needs to be certain that you are able to make your monthly mortgage payments over the life of the loan – whether it’s in the amount of $500,000 or $5 Million dollars. It’s important to be thorough in explaining what you do for a living, the health of the industry, and the likelihood of continued employment.
If you’re self-employed, you’ll need to show a company website, business licenses and anything else that will help to secure your loan. Having a good to great online reputation is important since underwriters may even do a google search for you. Some other things the underwriters look at include:
Assets – Documentation of assets is critical, and they have to make sense in relation to the income stated on the application
Credit Score – Having high scores and proof of a responsible borrowing history, Underwriters may also look for other sizeable debts that the borrower has had a positive experience with.
Property – The landscape has changed for appraisals, so don’t be surprised if multiple appraisals are required for financing approval on the property.
Profiling – Basically, the overall borrower profile and supporting qualifying documentation needs to make sense to an underwriter.
A good rule of thumb to remember when trying to qualify for any non-conforming loan, including a jumbo loan, is to have your paperwork organized ahead of time, as well as a good explanation for anything that may raise potential questions by an underwriter about your ability to repay the mortgage over the term.