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New Member
Posts: 5
Registered: ‎04-10-2013
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Getting Approved for a Jumbo Loan

Hello All,

 

I am new to the mortgage process and have been doing some research but still have a few questions.  My husband and I want to build a new house, and are now looking into getting a mortgage.  We have a specific development in mind and the house we want starts at 443K and the lots we like have premiums about 25-45K.  By the time we do a few upgrades I imagine we will be at about 550K total.  From what I can tell mortgages this large are pretty hard to qualify for.  We both have decent credit (725+) and together make about 200K gross. Our only debt is a car payment for 700/mo and student loans for 1400/mo.  What kind of down payment do we need to come up with? I would love to get the ball rolling on construction as soon as possible since I hate our rental, so if we don't have to come up with 20% down that would be ideal as long as we don't end up with a ridiculously high interest rate.  We are starting from scratch, since we were throwing everything extra to paying off our credit cards.  Also, I have not been employed for the past two years, I just finished school in May so I'm not sure if that will be a problem.

 

Thanks in Advance!

Valued Contributor
Posts: 1,863
Registered: ‎09-20-2011
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Re: Getting Approved for a Jumbo Loan

Don't have a lot of help but jumbos are certainly more difficult and require a higher rate. I'd check with the builder as a starting point.  With the price of the homes they are building they should certainly have a few recommendations for lenders that do jumbo's that they have worked with.  Certainly be cautious with using them as they often don;t have the best rates but will still be a place to start.  As long as your job is related to your degree it won't be an issue.  Depending on lender 30-60 days of pay stubs is all that is required.  Good luck.

Valued Member
Posts: 33
Registered: ‎02-20-2011
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Re: Getting Approved for a Jumbo Loan

Pretty hard to do a jumbo without 20% down. You are better off just putting 15% down and going conventional conforming. Make sure that you can even finance the upgrades. When we looked we had a 25% max financing on upgrades, the rest had to be cash. Until you get to 530k or so it makes more sense to stay out of a Jumbo and put more down.

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Valued Contributor
Posts: 3,302
Registered: ‎06-09-2010
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Re: Getting Approved for a Jumbo Loan

Areas have different value loan amounts. It could be possible that in your area 550K is not considered a Jumbo Loan.
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May all your dreams and wishes become a reality!
Member
Posts: 15
Registered: ‎03-07-2013
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Re: Getting Approved for a Jumbo Loan

Are you looking for a construction loan or end loan? If end loan can you put 15% down? If construction loan 15% down would require an exception here. Feel free to contact me via my profile.
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