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El Paso Jumbo Home Loans

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El Paso Jumbo Mortgage Lender

Jumbo Home Loans In El Paso

A jumbo loan, also called a jumbo mortgage, is a mortgage that exceeds the conforming loan limits set by the Federal Housing Finance Agency’s lending limits (FHFA). For the calendar year 2022, the conforming loan limit for most single-family properties is $647,200 and $9070,800 in high-cost areas. Any mortgage that exceeds those amounts is considered a “jumbo loan.”

A non-conforming loan is any loan that doesn’t conform to the requirements and standards Fannie Mae and Freddie Mac set. Since jumbo loans exceed the conforming loan limit, it is considered non-conforming loan. Jumbo loans don’t fall within Fannie Mae’s and Freddie Mac’s jurisdiction, so lenders may set their own credit, income, asset guidelines, and loan limits.

Jumbo Loan Requirements

Jumbo home loans carry a stringent eligibility requirement compared to other types of mortgages. Ultimately, jumbo loans are subject to each investor’s requirement.

  • Credit – A minimum credit score of 700 and above is standard; some require 720 or higher.
  • DTI – Most investors require no more than a 45% debt-to-income ratio. DTI is mostly a sticking point.
  • Assets and Reserves – bank statements, retirement and investment account statements, and other assets are required on all jumbo loans. Additionally, there is a reserve requirement of three months to a full year, if not more, on all jumbo loans.
  • Down Payment – a 10 – 20% down payment is generally required on all jumbo loans. The higher the credit score and more reserves with low DTI may allow for a lower down payment. A higher DTI may require a larger down payment and more reserves. 

Generally, a jumbo loan carries a higher rate and closing costs. Because jumbo loans are larger and have additional qualification requirements, closing fees will be higher.

Apply for a Jumbo Loan in El Paso

Capital Home Mortgage offers jumbo loans up to $ 3 million as a direct mortgage lender and servicer. Call (915) 283-3949 to speak with our Jumbo Loan Specialists. We will walk you through the pre-approval process.

Why El Paso is Choosing Capital Home Mortgage...

Close On Time with True Approval

Control of the Loan from the Application to Funding.

Great El Paso Rates

Direct Mortgage Lender Providing Competitive Rates and Low Fees.

El Paso Customer Service

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

El Paso 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 El Paso 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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El Paso Mortgage Team

Conor Hayhurst

NMLS 743506

Damon Embler

Sr Loan Officer
NMLS 882260

chris erwin

Sr Loan Officer
NMLS 914064

Dale Gremillion

NMLS 210325

El Paso Mortgage Company Reviews

What is an El Paso 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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