Jumbo Mortgages
A jumbo mortgage could make you the proud owner of your dream property. Jumbo mortgages provide a financing solution that exceeds loan limits set by the Federal Housing Finance Agency (FHFA). Jumbo loans offer the opportunity to break into the higher priced real estate market and can be used to finance a primary residence, rental property or vacation home.
The requirements to apply for a jumbo mortgage include the following: Qualifying for jumbo mortgages doesn’t just depend on income earnings. The loan amount you ultimately qualify for depends on your available assets, credit score, and the value of the house you want to purchase.
To qualify for a jumbo mortgage if you’re self-employed, you should have liquid assets and cash reserves. You should include at least three months of bank statements and two years’ tax returns to support your application. Once your jumbo loan gets approved, you can choose either a fixed or adjustable rate. If you provide the minimum required deposit, you may not be required to carry private mortgage insurance.
Do you have your eye on a luxury property?
Jumbo Mortgages
How To Qualify
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