A jumbo loan is a type of mortgage designed for financing homes that exceed the conforming loan limits They typically require stricter qualifications, such as a higher credit score, lower debt-to-income ratio, and significant financial reserves.
Larger down payments are often necessary—sometimes 10-30% of the home’s price.
A jumbo loan allows you to purchase property at a highest price point. If you are looking for a high-end property, a vacation property or your dream home, a jumbo loan may be able to help you access the financing you need.
Who Are Jumbo Loans Best Suited For?
Jumbo loans are the most appropriate for high-income earners who make at least $250,000 to $500,000 annually and have provable liquid assets. This is because these loans can come with higher interest rates compared to conventional loans
How To Qualify for a Jumbo Loan
Because of the large amount loaned, these mortgages have much stricter qualification requirements:
- A credit score of at least 700
- A favorable debt-to-income (DTI) ratio
- Complete income documentation in the form of recent paystubs, tax returns and other relevant income documents.
- 15 or 30 year amortization options
Get a Jumbo Loan With Avanti Lending
Purchase your dream home with a jumbo loan from Avanti Lending in Weston, Florida. With over 20 years of experience, we offer our clients personalized finance products tailored to their needs with a focus on exceptional service. Start your home mortgage with us by contacting us at (954) 440-6274.
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