What Is A Jumbo Loan?
A jumbo loan is one that exceeds county lending limits. A jumbo loan typically has much stricter requirements as it is considered a higher risk loan. Borrowers need to have exceptional credit and larger down payments.
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Jumbo Loan Qualification Requirements
Below are the basic qualification requirements for jumbo loans:
Excellent Credit
Jumbo loans require excellent credit history. Jumbo loans also have far stricter requirements on derogatory credit events such as bankruptcy.
Reserves
In addition to having a large down payment, borrowers need to have substantial reserves. Reserves are funds in savings accounts that can be relied upon in the event that the borrower loses their employment.
Job History
When qualifying for a jumbo loan, you must have a strong employment history. If you have recently switched jobs it may difficult to qualify for a jumbo loan.
A Customized Loan
for Your Life Path
At Wikoff Mortgage, we believe in personalized banking. We use state of the art technology to make sure that you are advised, included, and supported through every step of the loan process. Most importantly, we take the time to know you and craft products that are tailored to you and your individual life path. Watch the video below to learn more about our unique approach to the loan process.
