“Are you thinking of applying for JUMBO loans? Read the article to know, how to qualify for it.”
Building a home might sound a dreamy affair. However, in reality, it can be quite a tricky thing to accomplish. And most importantly, when you are thinking of getting the money or the loan for your home, it becomes an even more daunting task. In fact, knowing about which program can be the most suitable oneand applyingfor a loan by keeping all the factors in mind becomes a difficult thing to do as well.
Working as a loan officer at Clear Lending (www.clearlending.com), I have seen many clients who get daunted by the whole affair and as a result, they make the worst decision possible. I am sure you don’t want to be one of them, right? So, when you are making the decision, you need to know what program can suit you.
If you are thinking of taking a loan over $417,000,generally it is necessary for you to opt for JUMBO loans in Houston. The name itself suggests that it is about largeamounts. So, when you are thinking of getting up to 90% finance of your loan, it is necessary for you to choose a program that will provide you with larger amounts. JUMBO loans offer the flexibility of providing $417,001 to $3 million.
Now, you must be wondering, how you will qualify for the loan program right? Don’t worry; here are some points to tell you how you will qualify for a home loan program.
Prepare for Downpayment
Since you are thinking of opting for aJUMBO loan, it is necessary to prepare yourself for adownpayment of a huge amount. If you are thinking of JUMBO loans, the way of determining the downpayment will be different. The amount you are borrowing will be the most important factor. So, you have to be prepared to make downpayment worth 10% to 20% of the amount.
Documenting the Income
To make sure whether you will be able to repay the amount or not, the lender'swill surely look into the income and source of money. So, it is better if you plan and document the income before you are going for the loan. The consistency of your career and the regular flow of money will ensure that you qualify for the loan. Keep the documents to convince the lenders about your credibility.
The report says that most of the credit reports of Americans are full of errors. So, when you are thinking of borrowing money on JUMBO loan, it is necessary for you to take care of your credit score and the history. To create a credible picture, you need to have acredit score of 680 or above. Lower than that won’t be helpful to qualify the stringent guidelines.
Monthly Payment of Mortgage
Your monthly payment will be 38% of your monthly income. So, if you are worried about the monthly mortgage payment, then don’t. This is surely manageable for you.Just make sure your income documents shows this much credibility.
Now, as you know how you can qualify for Jumbo loans, what you are waiting for? Follow these tips and apply for aloan to a reputed lender.
Author Bio: Joan Gallardo is a famous loan officer and has experience of dealing with FHA Loans for bad credit. Read his articles to know about Government loan programs in Texas. You will get tips for the JUMBO loans in Houston.