90% Jumbo Mortgages Offered Here!
90% Jumbo mortgage loans are back for clients who have a 720 or higher fico score. To qualify, one must be continuously employed for the last two years. You need two months reserve requirements on your primary residence and additional two months reserve requirements for each rental property.
Are you self-employed? If you are self-employed and write everything off then that’s an issue. If you are looking for a home in 2017 and haven’t filed your tax returns you might want to thinking about showing some income rather than writing everything off. Unfortunately, you can’t write everything off and then turn around and try and say, “well the money is there.”
What if my fico score is less than 720? Unfortunately, you don’t qualify for the 10% down but you could still qualify for a Jumbo mortgage. You just need to put more money down on your new home. You see it’s still real difficult to obtain a new Jumbo mortgage in today’s environment. We were hit pretty hard with the short sale and foreclosure crisis.
First off, if you buy a new home they want to make sure that this is home is going to be your primary residence. If you buy a new home in the same area as your existing home and the sales price or the square footage isn’t that much different than your current home that’s an issue. You see the lenders want to make sure you purchase a new home and that the new home is bigger, newer, has more amenities, is closer to your work, in a better school district; etc. Then, there are some people who are down sizing. They will check to make sure that the square footage of the new home is less than your current home. They look to see if the new home is newer or has some distinct feature that the other home does not have.
Lastly, since loan guidelines change frequently, please call in at 602-358-8717 for the latest guidelines.
Article 1: 90% Jumbo Mortgage