The jumbo mortgage program is for loans greater than $417,000. This can differentiate in high-cost areas (e.g. New York, San Francisco).
Jumbo loan facts:
- The larger the loan, the more strict the guidelines
- Typically need a credit score of 720 or higher
- First-time home buyers may have to show a debt-to-income ratio of 38% or less
- Will have to have a substantial downpayment which will differentiate depending on the bank and the loan amount
- It is possible for first-time homebuyers to qualify but will need to prove they can afford the large payments
- The best deal for a jumbo loan is less than %65 of the home’s value
Jumbo loans are complex and can differenitiate depending on the investor. If you have any questions, please leave a comment or send us a message.