Jumbo Loans! Approval of Jumbo Loans is ultimately more complicated than FHA, Conventional, and VA Loans because the financing is 10x higher than these loans. You can get approval for this Jumbo Loan, but your homework and preparation must be well and good. Acceptance isn’t possible without proper practices. We’ll also discuss the trials, but revealing the lenders is also necessary.
Your time shouldn’t be wasted in finding the lenders when you have prepared yourself for this Jumbo Loan. First, keep this thing in mind. This Jumbo Loan is ultimately harder to get because of the complicated terms lenders apply. Expecting a quick approval without more scores on your dashboard isn’t good. Most people get disappointed after facing rejection. Taking precautions on the first end is better than making disappointments come your way. We’re about to reveal the 5 precautions you must take before applying for this Jumbo Loan.
5 Things To Keep in Mind Before Applying For Jumbo Loans
A High Credit Score is the first thing to keep in mind. Every lender asks for higher scores when you apply for any loan. I want to clear the requirements before revealing the lenders. Here are the 5 things you must keep in mind before applying for Jumbo Loans.
- Credit Score of 680-740
- 40% of The Maximum DTI
- 10-14 Months of Cash Reserves
- 5-15% Down Payment
- Reasonable Appraisal of The Home
These are the 5 things you must remember before applying for Jumbo Loans. We’ll now reveal the lenders with the terms and conditions they ask from a Jumbo Loan Borrower. Mentioning this was necessary because your preparation was necessary. It would help if you achieved these scores before considering applying for Jumbo Loans.
5 Best Mortgage Lenders For Jumbo Loans
We’ve already mentioned the 5 precautions. It is recommended to look at these lenders when you have completed your portfolio. So The 5 Best Mortgage Lenders For Jumbo Loans of 2022 and above are as follow:
- Golden 1 Credit Union
- US Bank
- San Diego County Credit Union
These are the 5 Mortgage Lenders you must look at when thinking about Jumbo Loans to buy your home or refinance a previously taken mortgage.
Golden 1 Credit Union
The reason I mentioned this Golden 1 Credit Union is simple. You only need to pay 3% down and display low credit scores on your portfolio to get Jumbo Loans approval. Golden 1 Credit Union is an ancient private union based in Sacramento, California. It was founded in 1993 and had over 70 branches within the US. It provides multiple loans to Home Buyers and investors. Numerous investors have given positive feedback after working with this bank.
Golden 1 Credit Union is the first best resource you must look at when thinking of buying a home through Jumbo Loans. This bank doesn’t ask about High Credit Scores doesn’t mean you go there empty-handed. You must complete the homework we mentioned before. Expecting a loan from this bank without completing your credit portfolio isn’t recommended.
Alliant is the 2nd bank on our list providing Jumbo Loans to borrowers. This bank also asks for a 3% down payment and minimum credit scores, but we warn you about this. Don’t ever go to this bank when you don’t have high credit scores and more down payment. Alliant is based in Chicago, having 658 employees working under them. It was founded in 1935, but it hasn’t expanded its business.
People can borrow every type of loan from this bank. You can quickly get credit, vehicle, and personal and commercial real estate loans from this bank. Completing the terms is necessary for every loan you borrow. Alliant also gives you the offer to apply for loans online. You don’t need to visit its office to gather information. You can apply for any loan by opening your laptop and filling out its form. Alliant’s loan approval process is fast, but it can take more time when the financing is higher.
The 3rd bank on our list is the US Bank. This bank was founded in 1863. Centuries have passed, but US Bank is delivering its services. You can borrow every type of loan from this bank with ease. When we see the terms of Jumbo Loans, they are easy to reach. You need to pay 3% and display average credit scores on your credit to get yourself marked up in the Jumbo Loan approval spot. This US Bank can ask for a lower DTI, which compromises credit scores and down payments.
Every other lender asks for at least 10-20% of the down payment when he offers Jumbo Loans to any borrower, but US Bank doesn’t ask you to give this vast number. The down payment section can be dependent on your loan amount. The US Bank can ask for a more down payment if the loan exceeds 1 Million USD. Applying online is also possible, and your approval letter will be emailed once you have qualified for this Jumbo Loan.
Bethpage is the first bank on our list that asks for a minimum of 620 Credit Scores. The down payment demand is the same (3%), but the Credit Score number is mentioned. Bethpage is also an older bank founded in 1941. Decades have passed, but Bethpage is still ready to provide every type of loan to borrowers. This bank is based in New York and has 852 employees. This bank can be your best asset, giving you approval after you face rejections from others.
San Diego County Credit Union
The last bank on our list is the San Diego County Credit Union. The city it is based in is already mentioned. This bank asks for a 5% down payment and average credit scores for processing your Jumbo Loan. It was founded in 1938, and now it offers every type of loan a borrower can demand. You can also get an investment loan from this bank; its criteria are pretty simple. The DTI requirement can be 36% for quick approval. Most people don’t know about this DTI Calculation process. Calculation of your DTI is more straightforward through your Android Phone. Just download a Real Estate Calculator from ATOZ APK and calculate your DTI score by inputting your monthly earnings and expenses.
These were the 5 Best Mortgage Lenders For Jumbo Loans. Indeed they will perform best in 2023. You can’t get your loan approved from any other source if your approval isn’t possible on these sources. If you are looking for more soft terms, you should contact newly entered lenders. Those lenders can be founded by contacting Skip Tracing Firms like Lert Skip Tracing and Batch Skip Tracing.
I hope we have mentioned every single thing. Drop a comment in our website’s comments section if you have questions about these banks. Completing your homework before applying for Jumbo Loans is necessary. You will never get a loan on a dining table without hard work. So that’s all for now. I’ll see you in the upcoming article.