Corpus Christi Jumbo Home Loans

A Jumbo loan is the perfect home loan product if you want to buy a luxury home or a property in a highbrow area. 

Loans are subject to conforming limits, but luxury properties always come at a hefty price that exceeds the set limits. Jumbo loans provide financing to eligible borrowers who want to buy expensive homes but can’t get a conforming loan. 

At Capital Home Mortgage, we can help you obtain your next Jumbo home loan in Corpus Christi. Speak to our loan officers to know more about Jumbo loans or if you’re unsure f if this product best matches your home loan requirements. 

Requirements of Jumbo Loans

Because of the higher amounts involved and the fact the government does not back them, Jumbo loans have stricter requirements than conventional loans.

Lenders require a minimum credit score of 700 for Jumbo loans. Some lenders raise the credit score requirement for Jumbo loans to 720. Before applying for a Jumbo loan, we recommend getting your credit report to see your credit score. Having a high credit score is not a guarantee of loan approval. 

Aside from your credit score, lenders also review your credit history. For Jumbo loans, you need to have a stellar credit and payment history. Your debt-to-income ratio must also be below 45% for a higher chance of approval.

Moreover, asset reserves also affect the success of your Jumbo loan application. We want to know if you have enough assets to pay for the required down payment and monthly amortizations. For Jumbo loans, the down payment requirement is 10 – 30% of the sales price. 

Income and employment will also matter — present W-2 statements, bank statements, financial statements, tax returns, and pay stubs during application. We may ask for other kinds of proof of income and employment as we deem fit for your application. 

Jumbo Loans vs. Conforming Loans

Conforming loans conform to the limits set by the Federal Housing Finance Agency (FHFA). Conventional, VA, FHA, and USDA loans are conforming loans. You should go for Jumbo Loans if you need more than the limit. Here are the conforming loan limits for 2022:

• The baseline limit is $647,200 for low-cost areas and $970,800 for high-cost areas if you want a one-unit property.
• You can reach up to $1,224,850 in low-cost areas and $1,867,275 for high-cost areas for a four-unit property.

Limits for high-cost areas depend on the county. Speak to our Corpus Christi loan officers for county limits.

Get a Jumbo Home Loan in Corpus Christi Today

At Capital Home Mortgage Corpus Christi, we provide our clients with an enjoyable home-buying experience. Buying a home, especially a luxury property, is a huge life milestone and should not involve unnecessary complications. 

Our mortgage specialists are standing by to discuss your Corpus Christi Jumbo home loan. Call (361) 724-3166 to get in touch.