Capital Home Mortgage New Mexico

New Mexico Jumbo Home Loans

New Mexico Jumbo Mortgage Lender

Jumbo Home Loans In New Mexico

What is a Jumbo Mortgage?

A jumbo mortgage, also known as a jumbo loan, exceeds the conforming loan limits established by the Federal Housing Finance Agency (FHFA). Conforming loans meet the criteria established by government-sponsored agencies such as Fannie Mae and Freddie Mac, which purchase and package most U.S. mortgages for investors.

Jumbo mortgages are designed for borrowers whose loan balance exceeds the conforming loan limits. These limits are calculated annually by the FHFA and can vary by state and even by county. Since jumbo loans do not conform to these limits, they are considered non-conforming loans and lack the guarantees accompanying conforming loans.

Jumbo loans allow borrowers to borrow more money to purchase a more expensive home. Nevertheless, because jumbo loans lack the same guarantees as conforming loans, debtors are typically subjected to more scrutiny and may incur higher borrowing costs.

Benefits of a Jumbo Loan

Compared to other types of home loans, jumbo loans offer several advantages, especially when financing high-priced properties. Among the benefits of jumbo loans are the following:

  • Opportunity to borrow more money:

Jumbo loans enable you to borrow more than the conforming loan limits established by the FHFA, allowing you to purchase more expensive properties, such as luxury homes or properties in desirable neighborhoods or communities.

  • Competitive interest rates:

Even though jumbo loans may have slightly higher interest rates than conforming loans due to the higher risk for lenders, jumbo loans typically offer competitive interest rates.

  • Availability of VA Jumbo loans:

Jumbo loans are also available through the Veterans Administration (VA) for qualified borrowers, which means eligible veterans can experience the benefits of a VA loan with excellent jumbo interest rates without being subject to loan limits.

  • Flexible terms:

Jumbo loans offer a range of terms, including 15- to 30-year fixed-rate mortgages and 3- to 10-year adjustable-rate mortgages. This provides borrowers with options more tailored to their requirements and financial circumstances.

Due to the more significant loan amounts and increased risk for lenders, jumbo loans may have more stringent qualification requirements, such as a lower debt-to-income ratio and higher credit scores.

Qualification Requirements of a Jumbo Mortgage

Due to the increased risk associated with more significant loan amounts, jumbo mortgage eligibility requirements tend to be stricter than those for conventional loans. Among the essential qualifications for a jumbo mortgage are the following:

  • Higher credit scores:

Jumbo loans typically have a higher credit score requirement than conventional loans. While some lenders may accept a credit score of 680 or above, others may demand a score of 720 or above.

  • Low debt-to-income ratio:

For a jumbo loan, a borrower’s DTI ratio, which compares their monthly income to their reoccurring debt obligations, should be low. Some lenders may require a DTI ratio of 43% or less, while others favor a ratio of 36% or less.

  • Adequate cash reserves:

A “reserve” in a mortgage refers to the savings balances that a borrower has set aside and will still have after closing on their home buy. These funds are used as emergency savings to show lenders that the user can keep paying their mortgage even if they lose their job or have other unexpected financial problems.

Most of the time, a borrower’s mortgage savings are measured by how many months’ worth of mortgage payments they could pay with their other assets. The mortgage payment comprises the monthly payment for the principal amount, interest on the loan, property taxes, and insurance fees.

Applicants for jumbo loans are frequently anticipated to have substantial liquid assets to demonstrate their ability to manage larger mortgage payments.

  • Stable employment history:

Lenders typically seek evidence of stable employment, such as the borrower’s tenure at their current position and the number of jobs held in the past.

  • Higher down payment:

Jumbo loans may require a down payment of 15% to 30% of the home’s purchase price, with at least 20% down to avoid paying private mortgage insurance (PMI).

Please remember that these qualifying standards may differ between lenders and be influenced by factors such as the type of property and the borrower’s financial status. Please contact us if you have any questions or require additional assistance.

Apply for a Jumbo Loan in Florida

If you are looking for a property that is more than the conforming loan limit, Capital Home Mortgage can help you with a jumbo loan. From application through funding, we have complete control over your file. 

Call (505) 484-8884 to talk with one of our Jumbo Loan Experts today. We’ll help you through the pre-approval process and answer any questions you have about Florida Jumbo Loans.

Why New Mexico HomeBuyers are Choosing Capital Home Mortgage
Close On Time

Complete Control from Application to Funding

Low Rates & Low Fees

Direct Lender with Competitive Rates & Low Fees

Exceptional Service

7  Day a Week Support Application to Final Mortgage Payment

New Mexico Mortgage Rates

Have you ever wondered why interests rates are what they are and what determines the final rate?  Why borrowers receive different interest rates? Or why rates go up and down?  Interest Rates are calculated using several factors.

  • Demand for mortgage Securities
  • Property securing the mortgage
  • occupancy of the property
  • Loan to value of the property
  • Borrower’s credit worthiness

New Mexico Jumbo Home Loans

Jumbo Home Loans also called Non Conforming Home Loans are great options for buyers needing financing outside of agency limits.  Call today to speak to a loan officer.

  • Primary Residence and 2nd Homes
  • Higher Loan Amounts – 3 Million
  • Great Interest Rates
  • Investor Specific Guidelines
New Mexico Mortgage Programs

New Mexico Home Purchase

Thinking of Buying a New Mexico Home?

Looking to Purchase a Home? We have the loan program for you… Call today to speak with a loan officer to discuss your personal mortgage options.

  • Primary, Secondary, Investment
  • FHA, VA, USDA, Native American
  • Conventional, Jumbo, Non QM
  • Reverse, Renovation, Manufactured

New Mexico renovation home loans

Looking to Rehab a New Mexico Home?

Want the Charm of an Older Neighborhood? But want a new place or a fresh look? Why not look at a renovation loan?  Purchase the Perfect Home and make it your own. Call today.

  • Remodel, Renovate or Repairs
  • FHA 203K Streamline or full
  • fannie mae homestyle reno
  • freddie mac home choice reno

New Mexico FHA Home Loans

Great for 1st Time New Mexico Homebuyers

FHA Home Loans are great for first time home buyers, buyers with less than perfect credit, or buyers needing less out of pocket.   Call today to get started.

  • Smaller Down Payment
  • Flexible Underwriting
  • Higher Debt to Income Ratios
  • Lower Credit Scores OK

New Mexico VA Home Loans

100% Financing for New Mexico Veterans

Proudly Serving Active Duty servicemen and women, as well as, retired and disabled veterans. Call today to speak with a VA loan officer.

  • Simply Qualifying for Veterans
  • No Down Payments Requirements
  • Lower Credit Scores Accepted
  • Manual Underwriting Allowed

New Mexico Conventional Home Loans

Flexibility for New Mexico Homebuyers

Conventional Home Loans are the best option for flexibility of property types and for mortgage loan terms. Call today to get speak to a Loan Officer.

  • Primary, 2nd Home, Investment
  • Great Rates & Low Fees 
  • Single Family and Multi-Family
  • Renovation Loan Programs

New Mexico Jumbo Home Loans

New Mexico Non Conforming Loans

Jumbo Home Loans also called Non Conforming Home Loans are great options for buyers needing financing outside of agency limits.  Call today to speak to a loan officer.

  • Primary Residence and 2nd Homes
  • Higher Loan Amounts – 3 Million
  • Great Interest Rates
  • Investor Specific Guidelines

New Mexico USDA Home Loans

100% Rural New Mexico Home Loans

USDA Loans are a great option for families wanting to live outside of the city.  Call today to speak with a loan officer to discuss your personal loan options.

  • Rural Properties Only
  • Primary Residence Only
  • Geographic Restrictions
  • Income REstrictions

New Mexico Native American Home Loans

New Mexico HUD 184 Home Loans

HUD 184 Home Loans are solely for Native American and offer a variety of benefits.  Call today to speak with a loan officer to find out more.

  • Primary Residence Only
  • Manual Underwriting for All Loans
  • No Credit Score Requirements
  • Tribal Grants Allowed

New Mexico Manufactured Home Loans

Great Alternative New Mexico Housing

New Mexico reverse mortgages

Your New Mexico Home at Work

Reverse Mortgage Loans offer seniors options to use their home’s equity for cash or to eliminate payments. Call today to get speak to a Reverse Loan Officer.

  • primary residence only
  • simple qualifying – equity based
  • credit scores not applicable
  • Minimum age 62

New Mexico Non QM Home Loans

Making New Mexico Mortgages Possible

Looking for Non Traditional Home Mortgage Loan?  Contact a Loan Officer Today to discuss the alternative mortgage options currently available.

  • Purchase, Rate and Term & Cash-out
  • Primary, Secondary and Investment
  • Full Doc & Bank Statements Programs
  • Corporations OK

New Mexico One Time Close Home Loans

Build Your New Mexico Dream Home

Want to Build? But unsure of what the future looks like? Remove the risk with a One Time Close Construction Loan.  Call today to see how a OTC loan works.

  • Primary Residence Only
  • Close Once
  • Lock Rate at Contract
  • Traditional Final Mortgage

New Mexico Refinance Mortgage Loans

New Mexico Rate & Term Refinance

Refinancing can be a hard decision and the payback can sometimes be confusing.  Call today and let our Loan Officers walk you through the process.

  • Reduce Mortgage Term
  • Lower Monthly Payments
  • Appraisal Waivers
  • Streamline Options Available

New Mexico Cash-out Home mortgages

New Mexico Equity Mortgage Loans

Cash-Out Mortgage Loans make use of the equity in your home by allowing you to refinance the current mortgage and access this equity to use as you see fit.

  • Debt Consolidation
  • Investment Opportunities
  • Home Improvement
  • Vacation or Education

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