Ask a Jumbo Genius – Biggest Challenge
What is the biggest challenge in getting a Jumbo Loan?
Jumbo Loan qualification boils down to income, assets and credit score. For income, your debt-to-income ratio must be 43% or less, although some ARM programs go to 47%. Your assets do not have to be substantial, but the standard down payment is 20%. If the loan amount is less than $650,000, there are some programs that allow as little as 5% (or 10% for loans up to $1 million) if you have the right credit score. The standard credit score is 700. If you have additional questions, United Home Loans has been through every Jumbo Loan challenge, so there’s no question we can’t answer accurately and honestly. Contact a Jumbo Genius below or call 708-531-8388 for expert advice.