College Station Jumbo Home Loans

College Station is home to some of the priciest real estate in Texas. Jumbo home loans are your best bet if you want to buy a luxury home in College Station. These loans are also helpful for the purchase of luxury properties. 

At Capital Home Mortgage, we’ve made obtaining a Jumbo loan as straightforward as possible. Let’s walk you through what you need to know about Jumbo Home Loans. 

Credit Score Requirement

To qualify for a Jumbo loan, you need a stellar credit score. A 700 FICO score is the usual starting point to qualify, but a higher score is preferred for a higher chance of approval. The required score also depends on the loan term.

Down Payment

Deciding to take out a Jumbo loan means you must be willing to shoulder private mortgage insurance if your down payment is below 20% of the loan value. 

Interest Rates

Since Jumbo loans involve vast sums of money, interest rates can be higher than most other home loans. The interest rate will depend on your credit score, credit history, and financial background. 

Our home loan specialists here at Capital Home Mortgage are happy to provide you with an exclusive quote for Jumbo loan rates in College Station.

Manual Underwriting

Lenders often require manual underwriting for jumbo loan applications. In a usual setup, lenders streamline underwriting processes to keep a steady flow of applications. But because Jumbo loan amounts can go up to millions, lenders will often hire finance experts to review your financial history thoroughly. 

The finance expert will scrutinize your financial history and report relevant information about your borrowing and payment patterns. For instance, if the expert sees bankruptcies or foreclosures in your name, you might need help getting a Jumbo loan.

Still, we do what we can to make this process quick and painless. As direct mortgage lenders, we’re qualified to handle every aspect of your loan application, including funding. This allows us to provide flexible underwriting policies with competitive interest rates. 

Special Requirements

There are some special requirements to keep in mind when applying for a Jumbo loan. Some of these requirements are also present in conventional loans. However, expect lenders to be extra cautious in reviewing and evaluating your Jumbo loan application.

• Cash Reserves

Lenders want to know your cash reserves to assess if you can make regular payments. They’ll ask for your bank statements to prove you have enough money in your account. Sometimes, lenders might include up to 70% of your retirement account as cash reserves.

• Income

You’ll need to provide proof of income from employment or business. You must submit two or more years’ worth of W-2s for employees or income tax returns for business owners. Lenders may also ask for employment certifications or contact your employer for background checks.

Get A Jumbo Loan In College Station

Call us at (979) 393-0049 to speak with our experienced loan officers. We want to make your home-buying experience in College Station an enjoyable one. Talk to us today about your Jumbo home loan needs.