Abilene Jumbo Mortgage Lender
Abilene Jumbo Home Loans
Rising home prices have made it challenging to purchase a home in some parts of the country in recent years, significantly where home prices have outpaced the lending capacities of traditional lenders. You’ll need a jumbo loan to finance a home purchase that costs more than the maximum allowed in Abilene.Qualifying for a Jumbo Loan
Jumbo loans are non-conforming loans used to finance high-value properties. These loans are perfect for high-income individuals needing a higher loan amount to buy a luxury/high-priced residential or investment property. In cities with competitive housing markets, like New York and Los Angeles, a jumbo loan may be the only way to buy a home. While jumbo loans grant you access to expensive properties, they are riskier for lenders and, thus, have stricter underwriting criteria. Banks can choose to sell conventional conforming mortgages to one of two government-sponsored enterprises (GSEs), Fannie Mae or Freddie Mac, allowing them to expand their lending capacity and serve more customers. With jumbo loans, financial institutions do not have this option and must keep the loan on their balance sheet for the entire loan duration. To mitigate this potential loss, banks and other lending institutions typically scrutinize jumbo loan applicants’ loans more closely, making a spotless credit history and solid financial standing necessary for borrowers.Jumbo Loan Requirements
You’ll need to meet lender requirements to qualify for a jumbo loan. While the standards may vary across lenders, most of them will want to see the following:1. A high credit score
To get approved for a jumbo loan, you’ll need a FICO score of at least 700. Some lenders may even require a score of 720 or higher.2. A low debt-to-income ratio
Lenders will look at your debt-to-income ratio (DTI) to ensure you don’t get too heavily in debt, though they may be more lenient if you have a lot of savings. Most lenders, however, set the limit at 45% DTI.3. Enough funds to cover upfront costs
Numerous lenders accept 10% or less as a down payment on conforming loans. However, they usually require at least 20% upfront for jumbo loans. Aside from the down payment, you’ll also need to cover the closing costs, which can be between 3%-6% of the total loan value.4. Plenty of cash reserves
The more money you have in your bank account, the higher your chance of getting approved for a jumbo loan. It is not uncommon for lenders to require jumbo loan borrowers to show proof that they have sufficient liquid assets to cover one year’s worth of mortgage payments.5. Necessary financial documents
You will need extensive documentation to demonstrate your financial health, possibly more than for a conforming loan. Prepare to submit your complete tax returns, W-2s, and 1099s, along with bank statements and details about any investment accounts upon application.6. Home Appraisal
Depending on the lender, a second home appraisal may be required for the property you intend to purchase.Is a Jumbo Loan Right For Me?
Whether a jumbo loan is right for you is contingent on several factors. These types of loans expand the options for home ownership, making them especially advantageous in regions of the country where housing is costly. If the home you wish to purchase does not meet conforming loan requirements, a jumbo loan may be appropriate. However, a jumbo loan is not designed to stretch your financial limits to the brink. They are intended for buyers with substantial, stable incomes and resources. Capital Home Mortgage’s loan specialists are just a phone call away if you need assistance selecting the right mortgage. We will gladly answer your mortgage-related questions and provide you with the necessary information to become an informed consumer. Call us at (325) 387-8387 now.Why Abilene HomeBuyers are Choosing Capital Home Mortgage
Close On Time
Complete Control from Application to Funding
Low Rates & Low Fees
Direct Lender with Competitive Rates and Low Fees
Exceptional Service
7 Day a Week Support Application to Final Mortgage Payment
Abilene 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 the mortgage Securities
- Property securing the mortgage
- occupancy of the property
- Loan to value of the property
- Borrower’s credit worthiness
Abilene 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
Texas Mortgage Programs
Texas Home Purchase
Thinking of Buying a Texas 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
Texas renovation home loans
Looking to Rehab a Texas 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
Texas FHA Home Loans
Great for 1st Time Texas 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
Texas VA Home Loans
100% Financing for Texas 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
Texas Conventional Home Loans
Flexibility for Texas 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
Texas Jumbo Home Loans
Texas 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
Texas USDA Home Loans
100% Rural Texas 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
Texas Native American Home Loans
Texas 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
Texas Manufactured Home Loans
Great Alternative Texas Housing
Manufactured Home Loans offer options to purchase an existing residence or build your dream home on your own land. Call today to speak to a Loan Officer.
- Existing Purchase or Refinance
- OTC Land/ Home Combo
- Lock Rate Before Completion
- FHA, VA, USDA, & Native Loans
Texas reverse mortgages
Your Texas 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
Texas Non QM Home Loans
Making Texas 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
Texas One Time Close mortgages
Build Your Texas 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
Texas Refinance Mortgage Loans
Texas 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
Texas Cash-out Home mortgages
Texas 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
