Jumbo Loans up to 95% LTV (Loan-to-Value) and loan amounts up to $5 Million or more!
Searching for a Jumbo Loan can be a difficult task to find the best program and rates to meet your goals. At JZ Mortgage, we review dozens of wholesale lenders to provide you with the best programs, rates, and service.
Lending criteria and credit requirements can be more stringent with jumbo loans. In addition to traditional underwriting programs & guidelines, we have variety of other loan programs and ways to qualify. Self employed borrowers can qualify with 12 months of bank statements and no tax returns required. Other popular programs include Asset Only, 1099 Only, and Investor Loans with No Income requirements. One thing to note is that lenders can always set their own jumbo loan criteria as the loans do not need to adhere to the same Fannie Mae and Freddie Mac guidelines that conforming loans do. Working with dozens of lenders allows us to shop for the the best programs, rates, & service to meet your goals.
Jumbo Loan Requirements
Credit Score – A credit score around 660 is generally required, but some of our lenders allow for lower scores. Lender-specific criteria and the borrower’s unique financial situation may offer flexibility.
Down payment – We have down payment options as low as 5% for borrowers that qualify. Income and assets will need to support the lower down payment requirement.
Income & Debt-to-Income Ratios – Most lenders generally require a debt-to-income ratio of 43 percent or less. Documentation such as W2 forms and recent paystubs or tax returns will be required to verify income. This is necessary to prove that you have the income and reserves necessary to cover your mortgage payments. We also have Bank Statement Only programs, Asset Only programs, and other income options available.
Property Appraisal – The property being purchased will need to support the purchase price and the mortgage being applied for.
Documentation outlining proof of income, liquid assets, non-liquid assets, and any other loans that you may hold will be required so be prepared to provide this information. Lenders require this information to show that you have the ability to repay the loan you are applying for. Missing documentation can delay the approval process so the more information you can gather ahead of time, the smoother the process will be.
Jumbo loans can be a great choice for many different types of borrowers including those looking to purchase a more expensive home, investment property, or even a second home in Florida. At JZ Mortgage Services, Inc., we offer great rates and flexible payment options on jumbo loans throughout Bradenton, St. Petersburg, Sarasota, Tampa, and all of Florida & Ohio. Contact us today for more information on jumbo loans in Florida and Ohio, or to begin the pre-qualification process.