Jumbo Loans For Homes in Dallas, Texas
Are you looking to buy a larger, luxurious home in the Dallas, Texas area? If the home loan value exceeds $424,100 then a jumbo home loan may be right for you. Texas Jumbo Home Loans have no PMI (private mortgage insurance), so the down payments are larger and your credit score needs to be 700 or higher.
To qualify for a jumbo mortgage, you will need documents that prove your income and assets in order to get approval. In Texas, the maximum debt-to-income (DTI) ratio for jumbo loan borrowers is 45%. The required reserve amount for jumbo borrowers is generally at least six months in reserves after closing—and in some cases require no reserves. Contact Supreme Lending today to find out if a Jumbo Home Loan is right for you.
What is a Jumbo Loan?
A jumbo loan is a loan in which the amount borrowed is greater than the loan limit set by Fannie Mae (FNMA) & Freddie Mac (FHLMC). A loan amount greater than $453,100, is considered a jumbo loan. Jumbo mortgages tend to be used for large single-family homes in the Dallas, Texas area. While the underwriting unconscious process for a jumbo mortgage is similar to that of a conforming mortgage, the requirements differ slightly. Any home loan that exceeds the maximum amount guaranteed by Freddie Mac and Fannie Mae are called jumbo loans.
Advantages:
- Able to finance a home that is over the maximum loan amount of $453,100 established by Fannie Mae and Freddie Mac
- Enables a borrower to purchase a larger home
- Jumbo Loan up to $3,000,000
- Fixed-Rate and Adjustable-Rate Options
- 80% LTV Maximum
