Jumbo mortgages almost completely disappeared during the mortgage meltdown. They’re available again in today’s mortgage market, but lenders are taking a more cautious approach. Jumbo mortgages are home loans that exceed conforming loan limits, which are currently $417,000 in most parts of the United States and $625,500 in certain high-cost areas.
If you’re in the market for a jumbo mortgage, be aware that qualification requirements have become more stringent. While every lender has different requirements, a credit score of 720 or higher will more than likely be required. You’ll need to prove at least a two-year work history in addition to your down payment and closing costs.
Most lenders will require that you have 6 to 12 months of cash reserves that could cover the total principal, interest, taxes, and insurance of your jumbo mortgage. If you have a load debt-to-income ratio, a high credit score, and a large down payment, a jumbo loan might be right for you.
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One of the reasons to call the Agardi Team if you want to buy a home or have one to sell is:
Not only do we sell our clients’ homes for more money and faster than the average area agent, but your home is also more likely to sell. According to 2015 MLS statistics, only 71% of area homes sold during their listing term. Compare that to our 95% of homes listed that sold before the end of the listing term. YOUR HOME SOLD GUARANTEED OR WE’LL BUY IT*
To discuss the sale of your home, call The Agardi Team at 718-755-2882 and start packing!
*Agardi Team and the seller have to agree on the price and the closing date.