Capital Home Mortgage Beaumont
Beaumont Jumbo Home Loans
Beaumont Jumbo Mortgage Lender
Beaumont Jumbo Home Loans
Buying a house beyond the conforming limits requires a particular home loan. These are known as Jumbo loans. They are so named because they are designed for “jumbo” loan amounts. Of course, this means Jumbo loans have much stricter eligibility requirements. Still, in most cases, they are the only type of loan that can be used for high-value properties, vacation homes, and primary housing in upscale cities.
Capital Home Mortgage offers Jumbo loans to qualified applicants in Beaumont. Please get in touch with our loan specialists for more details about our Jumbo loan program.
What’s The Difference Between Jumbo & Conforming Loans?
A Jumbo loan is a loan that covers luxurious properties beyond conforming loan limits. You can also get a Jumbo loan if you intend to buy investment properties or a second home. However, the main difference between Jumbo and conforming loans is that Fannie Mae and Freddie Mac can purchase the latter. For example, let’s say we have $20 million at Capital Home Mortgage. Assuming each mortgage is $200,000, we can originate and fund 100 mortgage applications.
But once we use all the $20 million, we can’t give mortgages anymore. That’s where Fannie Mae and Freddie Mac come in. We sell all 100 mortgages to them and receive $20 million that we will reuse to give another 100 mortgages. Unfortunately, we can’t sell Jumbo loans to Fannie Mae and Freddie Mac. When we approve Jumbo loans, it’s coming from our funds, and we can’t revolve it by selling them to Fannie Mae and Freddie Mac.
The conforming loan limits in Beaumont are as follows: $647,200 for one unit; $828,700 for two units; $1,001,650 for three units, and $1,244,850 for four units. These amounts will change by 2023, so check the HUD website for updates.
Most lenders (including us) are strict regarding Jumbo loans. In the next section, we’ll discuss in detail the requirements of a Jumbo loan.
What are the Requirements for Qualifying for a Jumbo Loan?
Qualifying for a Jumbo loan in Beaumont can be more complicated than a conventional loan. Expect most lenders, including Capital Home Mortgage, to raise the bar higher because Jumbo loans are risky.
The first primary requirement is a credit score of 700 and above. If your score is below 700, there’s a high chance of rejection. A FICO score of 700 is considered “good.” However, we prefer borrowers with “very good” and “exceptional” credit scores. The score should range from 740 to 850.
You should also present proof of income and employment, including asset reserves. We need to assess your financial capacity and ability to pay. More so, your debt-to-income ratio must be within 35% to 40% for a higher chance of approval.
Apply for a Jumbo Loan from Capital Home Mortgage
Discover the best Jumbo loans in Beaumont with Capital Home Mortgage. We are direct lenders, so from pre-qualification to closing, you’ll only be dealing with our mortgage specialists. This makes for a quicker, less stressful loan process. Speak to our Beaumont loan officers today about your home loan by calling (409) 242-5530.
Why Beaumont is Choosing Capital Home Mortgage...
Close On Time with True Approval
Control of the Loan from the Application to Funding.
Great Beaumont Rates
Direct Mortgage Lender Providing Competitive Rates and Low Fees.
Beaumont Customer Service
7 Day a Week Support from Application to Final Mortgage Payment.
Beaumont 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 Beaumont Jumbo Home Loans
- Up to 3 Million Loan Amounts
- Up to 90% Loan to Value
- Traditional and Non QM Programs
- Subject to Investor Requirements
Not Sure? Take a Look at Other Beaumont Mortgage Programs
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What is a Beaumont 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.