Jumbo Loans

jumbo loan

Get JUMBO Loans at Competitive Rates with PierPoint Mortgage

Have you found the perfect high-end property to buy, but it’s too expensive for a conventional mortgage? In that case, a Jumbo loan is right for you.

These loans are ideal for applicants who want to buy an expensive property that a conventional mortgage loan won’t be able to cover. So, when you are planning to buy a home whose purchase price exceeds the conventional loan limit, you can consider applying for a jumbo loan with PierPoint Mortgage.

About Jumbo Loans

A Jumbo mortgage is a type of home loan generally granted for an amount exceeding conforming loan limits set by Fannie Mae and Freddie Mac regulations.

The credit score requirements for these loans are typically higher due to the substantial risk associated with financing a large and expensive property. That’s why it is best to hire the top and most trusted mortgage experts at PierPoint Mortgage to make the process smooth and easy for you.

If you plan to apply for Jumbo mortgage loans in the USA, consult with our experienced professionals today!

Why Choose a Jumbo Mortgage Loan?

If you have decided to purchase a pricey home that falls above the federal loan limit, rather than opting for financing options, like multiple mortgages, choosing a jumbo loan offers various benefits, such as:

  • Access to a high financing amount (i.e., over a million)
  • A convenient substitute than having to apply for multiple mortgages
  • Easier to get approved for a second home financing loan with a low downpayment
  • Available with fixed and adjustable mortgage rates

What are the Basic Requirements for Jumbo Loans?

The eligibility criteria for these loans are more rigid as the loan amounts are larger, and these are considered riskier for lenders. Although most of the factors considered in the eligibility criteria are the same as when applying for any other type of mortgage loan, the qualifying conditions differ greatly.

The following are the essential eligibility requirements for Jumbo Loans:

High Credit Scores

The lenders require a high credit score as per the FICO Standards, i.e., higher than 700 or more. Thus, having a high credit rating can work in your favor to secure a sizable debt.

Income Proof

When you want to apply for a considerable loan amount, it is crucial to provide sufficient income proof to assure the lenders that you can pay monthly high mortgage payments. Thus, your employment proof, business license, financial statements, and additional income proof will be required.

Lower Debt-to-income Ratios

Lenders will also consider your debt-to-income ratio (DTI) to confirm your current financial situation accurately. Thus, if you have a low DTI ratio (i.e., 45%) they may favor your profile and grant approval without any complications.

Assets and Cash Reserves

There will be a detailed documentation process which is vital in getting the jumbo loan approved. Thus, all paperwork regarding your supporting assets and cash reserves must be impeccable.

At PierPoint Mortgage, we have a highly qualified team to take over the hassle of documentation. Thus, you can rely on our experts to handle all the paperwork for the mortgage application.

Property Appraisal 

The lenders may also require a second appraisal for the property you are planning to buy. It needs to be conducted by a qualified third-party authorized home appraisal officer. The property value should align with your financing goals to get your desired loan approval.

Jumbo loans are typically available with either a fixed interest rate or an adjustable rate, and they come with various terms. So, if you are wondering how to know if you are eligible for a jumbo loan, simply submit your online application today!

Frequently Asked Questions (FAQs)

Which financial documents are required to apply for Jumbo loans?

To prove your financial eligibility for Jumbo Loans, you’ll need to provide extensive documentation such as:

  • Your tax returns, W-2s, and 1099s
  • Bank statements
  • Investment accounts
  • Proof of any alternative income sources
  • Identity proof and residence proof
  • Credit reports
  • Details of current credit mix
What is the maximum loan limit for Jumbo loans?

Jumbo loan rates and the maximum loan amount is usually determined by the Federal Housing Finance Agency (FHFA). Depending on the state you live in, Jumbo loan limits can range anywhere from $417,000 in most of the U.S. to up to $625,500 or more.

If you want an accurate loan amount estimate, fill out our application form and apply online today!

How much down payment needs to be paid for Jumbo loans?

Jumbo loans typically require a hefty down payment. Generally, the down payment can amount to 20%-30% of the total loan amount for most Jumbo loans. However, the down payment requirements have eased up over the past few years.

Feel free to reach out to our team for a quick estimate today!

Who Can Qualify for a Jumbo Loan?

A Jumbo mortgage is most suitable for individuals with high income and excellent credit history. Thus, if you have a credit score, say over 660-700, you might be eligible to apply and qualify for a jumbo loan.

How Can PierPoint Assist You?

We are among the leading and trusted mortgage lending companies providing services for residents across the U.S. PierPoint Mortgage prides itself on offering excellent mortgage assistance with a wide range of loan options including Jumbo Loans, FHA loans, VA Loans, and more!

Our mortgage experts will work alongside you to ensure you can secure Jumbo mortgages for your desired high-priced properties at competitive mortgage rates.

So, whether you are looking to buy a house or investment properties that are too expensive for a conventional conforming loan, apply for our Jumbo Loans today!

Get in Touch With Our Team!

We are fully licensed and well-versed in the mortgage industry with extensive experience accumulated over the years. Our team is ready to assist you with everything, from exploring the ideal home loan options personalized to your specific loan requirements to closing.

So, if you want to know more about Jumbo loans or have any concerns, schedule a consultation with our trusted mortgage experts today!

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