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v class="googleright">It is not uncommon to find many lenders proviign jumbo mortgages to their clients, however the stipulations for approval are tougher than people can ever recall.
Jumbo mortgages are defined as mortgages that are larger than your typical conventional home loan. In other words, they are above the conforming loan limit, the maximum loan amount that government agencies Fannie Mae and Freddie Mac will purchase.
The tricky part is the maximum loan limit is different according to location. The majority of housing markets have the standard maximum of $417,000, and all loans which are above that amount fit into the jumbo loan category. In the high-cost housing areas, like Los Angeles, any home loan more than $729,750 is a jumbo. So [link widoczny dla zalogowanych], you can get a conforming loan rate in Los Angeles for what is a jumbo loan in most other cities.
During the housing boom times which went from 2003 until the summer of 2007, mortgage lenders had relaxed their guidelines for jumbo loans simply to attract business. Once the sub-prime crisis hit, credit became tight and trickled down to other segments of the mortgage industry from Option ARMs, ALT-A to prime borrowers, everyone began defaulting since equity appreciation was not on the rise anymore.
Lenders had to adjust and tighten their guidelines and as a result every loan is scrutinized more closely with stricter requirements, and especially so for the self-employed. Stated income loans are all but gone with many lenders unless you have 35% to 50% down or equtiy in your property and that is only with a slight few lenders.
To be eligble for a jumbo loan in the current market, you should anticipate:
- To have a down payment minimum of 20 percent to buy (or have a minimum of 20 percent equity in order to refinance; some niche lenders still offer 10% down for purchase).
- To fully document your income.
- Your proposed housing payment must be under 38 percent of your gross income.
Borrowers who fall under these rules will discover that today's interest rates are some of the best ever offered. It is still in your best interest to compare rates and fees for a jumbo loan as these loans are not available everywhere.
Down payments are Vital
In the most recent 24 months, the greatest challenge in lending above conforming limits has to deal with the required down payment from lenders. It's very challenging to locate a lender which will approve a jumbo loan over 80 percent loan to value or equity in the home for a refinance.
The reason is due to declining home values so normal homeowners with excellent credit and income discover they are not qualified to refinance. Declining home values are lenders' greatest worry when considering to offer jumbo mortgages.
Document your Income
Jumbo loan borrowers have to provide valid documentation that displays they make what they claim on the application. If borrowers can do that they will find exceptionally attractive rates from local banks such as Bank of America, Wells Fargo and even local community banks.
In addition [link widoczny dla zalogowanych], borrowers should have credit scores 720 or above or debt to income ratios at 38 and below. No exception nowdays as there is too much risk or lenders. Some good news just