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Lubbock Jumbo Home Loans

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Lubbock Jumbo Mortgage Lender

Jumbo Home Loans In Lubbock

Annually, the government-sponsored enterprises (GSE) Fannie Mae and Freddie Mac, along with their regulator, the Federal Housing Finance Agency (FHFA), establish the maximum loan amount they would purchase from lenders. Any loan exceeding its set limit is called a Jumbo loan. It is designed to finance high-end properties or luxury homes. Acquiring a principal dwelling, a second home, or an investment property are all acceptable uses for jumbo loans.

How Does Jumbo Loan Work?

Qualifying for a jumbo mortgage is not the same as a conventional-conforming loan.

A jumbo mortgage requires a higher down payment and credit score requirements than a conforming loan. While a 5% down payment works for conventional mortgages, jumbo loans require a 10 – 20% down payment. It requires a 720 credit score or better to qualify for a jumbo loan.

The interest rate is higher than conforming loans due to the risk associated with Jumbo loans. They are typically 1 or 2 points more compared to traditional loans and can be either fixed or adjustable. 

There is a reserve requirement on Jumbo loans. The equivalent of one year’s mortgage payments must be available in liquid assets. This stipulation protects the lender by guaranteeing 12 months of fixed payments with minimal risk. It is more likely that you will be accepted if you have a larger reserve.

Jumbo loans carry strict underwriting requirements, are manually underwritten, and are subject to investor guidelines. You must provide sufficient documentation of your job, tax returns, and investment accounts. Self-employed people may be asked to provide additional documentation.

Apply for a Jumbo Loan in Lubbock

If your future house is likely to turn some heads, and you have the needed credit profile and income, you’ve come to the perfect location. Call (806) 589-3428 and speak with our Mortgage Professionals. We’re here to assist you through the entire jumbo mortgage application process, from gathering the necessary paperwork to guiding you through the closing.

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Quick Facts for Lubbock Jumbo Mortgage 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 Lubbock Mortgage Programs

Lubbock 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

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What is a 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.