95% Jumbo Loan

Finally, a brand new loan product that is designed to help you buy your dream home. We are currently offering a brand new 95% Jumbo loan product. You do need to be continuously employed for the last two years. You can’t have any previous history of bankruptcy, short sale, or foreclosure within the last seven years. The program requires borrowers to have a minimum fico score of 740 or higher. Your 5% down payment must come from your own funds. That means gift funds are no longer allowed on this particular JUMBO loan product. We do require bank statements for the last two months. The debt to income ratio is 35%. However, bear in mind though that you only put 5% down which means you will be qualifying for a much more expensive home.

If you are self-employed, you need to show enough income to qualify for the loan program. You will need to provide business tax returns for the last two years. We will also need to verify your business by doing an online google search or a 411 search to verify the existence of your business. If you are W-2, we will need your W-2’s for the last two years and 30 days worth of current paystubs. If you don’t need your paystubs, you will need to start saving them now.

Turn times

Typically, it takes 35 days to close a loan. Sometimes it takes longer if the banks turn times are slower. Other times our own borrowers delay their closing by not providing us upfront with the required documentation. Therefore, do yourself a favor and gather up all of the items on your checklist upfront so that you don’t delay your own closing.

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