BBMC does Jumbo Loans
5% Down up to $650,000
700 Credit Score, 3 months reserves
10% Down up to $850,000
700 Credit Score, 4 months reserves
10% Down up to $1,000,000
740 Credit Score, 4 months reserves
Non-warrantable condo programs available!
Jumbo Loans – For the home with a bigger loan amount
Jumbo loans are discussed with the buyer when a buyer’s total down payment does not put the total finance value at less than the county loan maximum: $453,100 or $679,650 depending on a home’s location. The loan maximums vary by county. An 1,800-square-foot home in one county could be valued at a higher amount than another due to the surrounding real estate market. You shouldn’t necessarily be turned away from a home because of a high asking price – especially if you meet conventional loan qualifications. It’s also important to understand that jumbo loans are not strictly limited to multi-level homes.
Strict lending requirements on jumbo loans
Part of the standard application process on any loan is to verify credit history, income and employment information. Jumbo loans have stricter requirements simply due to the high-risk nature of the loan. When financing any home loan, it’s important to remember a private lender, like BBMC Mortgage, must follow both federal and internal lending guidelines. Credit history, credit score, income and employment will be closely analyzed by our team of BBMC Bankers. This helps ensure that you’re able to find the proper jumbo loan product for the home you intend to purchase.
Jumbo Loans vs. Conventional Loans
Applying for a jumbo loan can be intentional, or inadvertent after applying for a different lending product. If you’re going for a home that far exceeds the loan maximum – $453,100 and $679,650 on a per-county basis – then ask a Banker for a jumbo loan application. If, however, you plan to buy a conventional fixed-rate or VA loan, and your total down payment does not reduce the principle finance amount below the loan limit, then your loan will automatically become a jumbo mortgage. Either way, homes with higher real estate value are covered by BBMC Mortgage!