Jumbo Loans are mortgage amounts that exceed the Fannie Mae loan limits of $510,400.
We will handle all Jumbo Loans on a case-by-case basis. These types of loans are considered more risky than traditional conforming loans, so they will have more stringent guidelines and pricing exceptions.
Here are some of the things we will be looking for with our Jumbo Loan applicants-
- High credit score over 740
- Minimum down payment of 15%
- 6 months of reserves (payments) still on deposit
- DTI under 45% (debt-to-income)
- Merck Sharp & Dohme FCU Member