Austin Jumbo Mortgage Lender
Jumbo Loans In Austin
What is a Jumbo Loan?
The conforming loan limit is set by Fannie Mae / Freddie Mac for each county. Any borrower purchasing a property with over this amount 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.
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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.
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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.
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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 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 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 Mortgage Securities
- Property Securing the Mortgage
- Occupancy of the Property
- Loan to Value of the Property
- Borrower’s Credit Worthiness
Austin Jumbo Home Loans
- Primary Residence and 2nd Homes
- Higher Loan Amounts – 3 Million
- Great Interest Rates
- Investor Specific Guidelines
Austin Mortgage Programs
Austin Home Purchase
Thinking of Buying an Austin Home?
- Primary, Secondary, Investment
- FHA, VA, USDA, Native American
- Conventional, Jumbo, Non QM
- Reverse, Renovation, Manufactured
Austin renovation home loans
Looking to Rehab an Austin 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
Austin FHA Home Loans
Great for 1st Time Austin 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
Austin VA Home Loans
100% Financing for Austin 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
Austin Conventional Home Loans
Flexibility for Austin 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
Austin Jumbo Home Loans
Austin Non Conforming Loans
- Primary Residence and 2nd Homes
- Higher Loan Amounts – 3 Million
- Great Interest Rates
- Investor Specific Guidelines
Austin USDA Home Loans
100% Rural Austin 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
Austin Native American Home Loans
Austin 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
Austin reverse mortgages
Your Austin 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
Austin Non QM Home Loans
Making Austin 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
Austin One Time Close Home Loans
Build Your Austin Dream Home
- Primary Residence Only
- Close Once
- Lock Rate at Contract
- Traditional Final Mortgage
Austin Refinance Mortgage Loans
Austin 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
Austin Cash-out Home mortgages
Austin 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
