Capital Home Mortgage Austin

Austin Jumbo Home Loans

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Austin Jumbo Mortgage Lender

Jumbo Loans In Austin

What is a Jumbo Loan?

The conforming loan limit for most counties is $647,200. Any borrower purchasing a property with a loan over $647,200 will need a jumbo home loan. There are several types of non-conforming loans, and a jumbo loan is one of them. Any loan over the conforming loan limit will require a jumbo loan.

Qualification Requirements of a Jumbo Loan

Due to the lack of government-sponsored enterprise guarantees from Fannie Mae and Freddie Mac, jumbo loans are considered riskier by lenders. Hence, the underwriting criteria for jumbo loans are stricter.

  • Credit Score

Lenders prefer a credit score of 740 and above for jumbo loans. A few mortgage lenders may extend a jumbo loan to borrowers with a credit score of 700 – 730, but that isn’t the industry norm.

  • Income

A typical jumbo loan has a hard cap of 45% back-end debt-to-income ratio (DTI). The DTI ratio requirement may vary among lenders, but most prefer a lower debt-to-income ratio when underwriting a jumbo loan.

A W-2 employee will be required to provide a most recent month’s paycheck stubs and the previous two years’ W2s. Self-employed borrowers must provide their last two years’ personal and business tax returns. In place of a recent paycheck stub, self-employed borrowers must show a current or year-to-date profit and loss (P&L) statement. 

  • Assets

All loans will require the borrower to show where the source of funds to close on the loan comes from. The previous two months of bank statements may suffice for a conventional-conforming loan but may not be good enough for a jumbo loan.

Cash reserves are the key to getting approved for any type of mortgage, especially a jumbo loan. Most lenders will require 12 – 24 months of reserve, depending upon the strength of the file. Cash reserve is an excellent compensating factor on which the underwriter gives much weight.

Apply for a Jumbo Loan

Capital Home Mortgage can assist you with a jumbo loan if you’re looking for a property in excess of the conforming loan limit. We have total control of your file from application to funding. 

Call today at (512) 237-7400 and speak with one of our Jumbo loan experts. We’ll walk you through the pre-approval process and answer questions about jumbo loans in Austin.

Why Austin is Choosing Capital Home Mortgage...

Close On Time with True Approval

Control of the Loan from the Application to Funding.

Great Austin Rates

Direct Mortgage Lender Providing Competitive Rates and Low Fees.

Austin Customer Service

7  Day a Week Support from Application to Final Mortgage Payment. 

Austin 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

Quick Facts for Austin Jumbo Loans

  • Up to 3 Million Loan Amounts
  • Up to 90% Loan to Value
  • Traditional and Non QM Programs
  • Subject to Investor Requirements
Jumbo Home Lender Benefits
  • Up to 3 Million Loan Amounts
  • Up to 90% Loan to Value
  • Traditional and Non QM Programs
  • Subject to Investor Requirements
Home Purchase
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Austin Mortgage Team

Conor Hayhurst

Managing Director
NMLS 743506

Damon Embler

Sr Loan Officer
NMLS 882260

Chris Erwin

Loan Officer
NMLS 914064

Dale Gremillion

Manager
NMLS 210325

Austin Mortgage Company Reviews

What is an Austin Jumbo Mortgage Loan?

Jumbo home loans, also called a non-conforming home loans, are home loan that exceeds the county lending limits of the GSE’s Fannie Mae and Freddie Mac.  Jumbo loans are backed by private investors and have different underwriting requirements from traditional Conventional and government home loans.   These guidelines are typically more restrictive, but do make it possible for larger home purchases to be financed. 

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