Jumbo Loans
A jumbo loan is a mortgage used to finance properties that are too expensive for a conventional conforming loan. The maximum amount for a conforming is determined by the Federal Housing Finance Agency (FHFA).
Homes that exceed the local conforming loan limit require a jumbo loan. Also called non-conforming conventional mortgages, jumbo loans are considered riskier for lenders because these loans can’t be guaranteed by Fannie and Freddie, meaning the lender is not protected from losses if a borrower defaults. Jumbo loans are typically available with either a fixed interest rate or an adjustable rate, and they come with a variety of terms.
High DTI (Debt to Income)
Most lenders who offer Jumbo loans require that the DTI (Debt to Income) ratio is 43% or below. I work with 3 investors who allow a
DTI (Debt to Income) ratio up to 50%.
Please call me with questions: (925) 400-3850.
Low Reserves
Most lenders who offer Jumbo loans require 12-24 months reserves. I work with 3 investors who allow for 0-6 months.
Please call me with questions: (925) 400-3850.
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