Jumbo loans exceed the maximum loan amounts established by Fannie Mae and Freddie Mac conforming loan limits, currently $674,200. Rates on jumbos are typically higher than conforming loans. Jumbo loans may be used to buy more expensive homes and high-end custom construction homes. This loan may require a larger down payment than a conforming one. Ron Burian is committed to helping his clients with all of their Jumbo Loan needs in Portland, Multnomah County, or anywhere else in Oregon.
Why should I use a Jumbo Loan?
Jumbo loans provide financing for loans above established conforming loan amount limits and depend on location and property type. Qualified borrowers will be determined by credit history, debt to income ratio, and income, and other factors. Jumbo loans can provide financing options for higher purchase or refinance transactions. Jumbo loans may require additional underwriting consideration and can build mortgage insurance into the transaction, for loans with a loan to value ratio over 80%, by increasing the rate.
Jumbo Loan Requirements
Lenders have several requirements for successful underwriting of jumbo loans. These include sufficient borrower income, assets, and credit scores. Property condition and liens, property function, location, employment and credit history are some others. It is important to consider all contributing loan factors together before a jumbo loan is submitted to underwriting. Working with an experienced qualified loan officer who pre-screens borrowers before pre-approving is an important step to meeting jumbo loan requirements. Ron will communicate with you before your loan is submitted to avoid loan delays later in the process.
Work with a Qualified Mortgage Professional
Ron Burian is committed to helping his clients with all of their Jumbo Loan needs in Portland, Multnomah County, or anywhere else in Oregon. If you are purchasing a property for the first time or are looking to refinance your current loan into a new loan, Ron can help. Contact him today at (971) 219-0856. for any questions you may have on jumbo loans or how to get pre-approved!