What if to buy your dream home, you need to borrow more money than is possible using a conventional conforming loan?
To help you purchase a property that requires additional financing, we can connect you with a jumbo loan.
What is a Jumbo Loan?
A jumbo loan is a type of mortgage that allows you to borrow more money than you can using a conforming loan.
Conforming loans must conform to the limits set by Fannie Mae and Freddie Mac.
Both conforming loans and jumbo (non-conforming) loans are classified as conventional loans, but most people are talking about conforming loans when they refer to conventional mortgages.
Do You Need a Jumbo Loan in Dallas?
How do you know whether you need to apply for a jumbo loan? You will need to know the conforming loan limits for the county where you are purchasing a home.
Here are the conforming loan limits for Dallas County, TX:
You will find that outside of select high-cost counties throughout the US, these are the typical conforming loan limits.
When you schedule your consultation, we can look up the county where you are shopping for a home and tell you the conforming loan limits and whether you will need a jumbo loan or not based on how much you want to borrow.
How Do You Qualify for a Jumbo Loan in Texas?
It is not as daunting to apply for a jumbo mortgage as many borrowers believe.
- A high credit score and low debt-to-income (DTI) ratio are required.
- You will need to put down more when buying a home with a jumbo loan than a conforming loan, usually between 15% and 30%.
- You should have a minimum of six months of cash reserves.
- You may need two appraisals.
Is a competitive borrower profile needed to successfully apply for a jumbo mortgage? Yes. But if you are in the market for a more expensive home, chances are good that your financial life is already well in order. We can also give you recommendations for strengthening your borrower profile prior to submitting your application.
Apply Now for a Jumbo Mortgage in Dallas or Beyond
It does not need to be difficult to apply for a jumbo loan—and you may be surprised at just how competitive the rates can be.
If you are ready to finance the purchase of your Texas dream home, we can match you with the jumbo mortgage to make it happen. Please call (469) 886-8300 if you have questions or to apply.