Capital Home Mortgage Killeen

Killeen Jumbo Home Loans

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Killeen Jumbo Mortgage Lender

Killeen Jumbo Home Loans

If you want to purchase a home in Killeen priced above the standard limit for conforming loans, you will need to apply for a Jumbo home loan. These loans typically come with higher interest rates and down payment requirements than conforming loans. At Capital Home Mortgage, we are committed to helping our clients secure the best possible financing for their home purchases.

Our knowledgeable mortgage consultants will consult you and help you navigate the application and approval process to decide whether a jumbo loan is the best choice for your circumstances. 

Jumbo Loans vs. Conforming Loans

There are two main categories for home loans: jumbo loans and conforming loans. Jumbo loans are for borrowers who need a loan amount higher than the federal government’s limit. Conforming loans are for borrowers whose loan amount falls within federal guidelines. What differences exist?

For one, Jumbo loans typically come with a higher interest rate than conforming loans because lenders view jumbo loans as being riskier. A home with a loan value more significant than this may end up in the lender’s possession if a borrower defaults on their debt. As a result, lenders often charge a higher interest rate to offset this risk.

Another difference between Jumbo loans and conforming loans is the down payment. Borrowers taking out a jumbo loan often have to put down a larger down payment than those taking out a conforming loan because of the higher loan amount.

Lastly, Jumbo loans often have stricter credit requirements than conforming loans. Lenders want to see you have a strong credit history and a low debt-to-income ratio before approving you for a Jumbo loan.

Qualifying for a Jumbo Loan

Jumbo loans are more extensive than average and can cover properties that exceed loan limits, thus having more stringent requirements.

  • Assets and Reserves

Lenders looking at your application want to see that you have the assets and reserves necessary to cover a large loan. This includes having enough money in the bank to cover several months’ mortgage payments and any other debts or obligations you might have.

Liquidity is also something lenders look for during the application process. They want to ensure you have enough cash on hand, including investment accounts, so they can trust your ability and commitment towards paying off what was loaned out recently or soon-to-be loaned again in future mortgages.

For Jumbo loans, the minimum down payment can be as high as 30% to skip private mortgage insurance. Meanwhile, it is only 20% for conventional loans.

  • Credit History

The minimum credit score to qualify for a Jumbo loan is 700. It can go higher, depending on your current debt load. At Capital Home Mortgage, we recommend paying it off some debts before applying. Reducing that burden will improve your credit score and increase your chances of success.

  • Debt-to-Income Ratio

We will also want to see that you have a low debt-to-income ratio, which means that your monthly debts are not taking up a large portion of your income. An ideal DTI is 45%, but the lower, the better.

  • Employment and Income

We may request tax returns and other financial papers to verify your employment and income to see if you have a reliable job and a good salary. If you’re self-employed, we’ll want to see documentation of your business’s financial statements.

Apply for a Jumbo Home Loan in Killeen

Here at Capital Home Mortgage, we understand that buying a high-priced home comes with challenges. So, let us help you meet those needs and more by offering various flexible financing options for this type of loan! We’re also a direct lender, so we can make decisions quickly and get the loan process started sooner.

Call us at (254) 213-7343 to learn more about our Jumbo home loans in Killeen.

Why Killeen is Choosing Capital Home Mortgage...

Close On Time with True Approval

Control of the Loan from the Application to Funding.

Great Killeen Rates

Direct Mortgage Lender Providing Competitive Rates and Low Fees.

Killeen Customer Service

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

Killeen 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 Killeen 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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Killeen Mortgage Team

Conor Hayhurst

Manager
NMLS 743506

Damon Embler

Sr Loan Officer
NMLS 882260

chris erwin

Sr Loan Officer
NMLS 914064

Dale Gremillion

Manager
NMLS 210325

Killeen Mortgage Company Reviews

What is a Killeen 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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