This blog will discuss and cover the types of jumbo mortgage loan programs available at Gustan Cho Associates for homebuyers. Gustan Cho Associates has several types of jumbo mortgage loan programs available. There are prime and nonprime types of jumbo mortgage loan options.
If you have been paying attention to the news, you know home values are up nationwide. There has been a recent surge in the appreciation of homes due to a lack of inventory and high demand.
Since the COVID-19 coronavirus outbreak, home prices have started skyrocketing. The historic high rates and surging inflation have opened the eyes of many individuals living in large cities. The coronavirus scare tactic has changed the way we work and live. Many individuals are allowed to work from home. Remote workers have become the norm. They no longer need to be in a jampacked major city.
The Booming Housing Market and Skyrocketing Home Prices
Many individuals are trying to relocate out of cities and into a suburb. Many individuals would like to move now that they have more freedom with work. Many individuals want to be closer to their families. It can be not easy to buy a house in this market. In many areas of the country, bidding wars are still happening.
Buying a High-End Home With a Jumbo Home Loan
In this blog, we will detail some jumbo mortgage options that you may need to use to buy the home you’re looking for. Home prices have accelerated, and jumbo financing has become more popular over the past few years. Gustan Cho Associates offers 90% LTV types of jumbo mortgage programs:
Gustan Cho Associates now offers prime and nonprime types of jumbo mortgage loan options. We now have a new low-down-payment jumbo mortgage available.
In this blog, we will detail what jumbo financing means, discuss the new low down payment jumbo mortgage available, and discuss the steps to apply for one of the many types of jumbo mortgage loan programs available at Gustan Cho Associates.
Types of Jumbo Mortgage Loans Explained
The term jumbo or non-conforming mortgage means any loan amount one dollar or greater above the county conforming loan limit. The county conforming loan limit is put in place each year by FHFA. They compile nationwide information based on the average sale price and create the home price index (HPI). Then, the following year, the conforming loan limit is based on this information. For 2023, most counties have a conforming loan limit of $726,200. Some counties nationwide have higher loan limits because the median home price is well above the national average.
Buying Homes In High-Cost Areas with High Balance or Jumbo Loans
Many counties like Los Angeles, San Francisco, Denver, and other higher-cost areas have a conforming loan limit as high as $1,089,300. So, you will not need to utilize a jumbo mortgage unless you are at least one dollar above the conforming loan limit in those areas. If you have questions on the specific loan limit in the area where you want to purchase a home, please get in touch with Gustan Cho Associates at 800-900-8569, or we can be reached via email at alex@gustancho.com.
Lending Guidelines and Requirements Between The Various Types of Jumbo Mortgage Programs
Now that we understand the definition of a jumbo mortgage, it is important to understand that jumbo financing can be strict and difficult to qualify for. Many jumbo mortgage programs require a surplus of liquid reserves after closing costs and down payment.
Liquid reserves are funds left in your account after the down payment and closing costs.
Jumbo financing has much tougher credit score requirements than conventional and FHA mortgage loans. Many programs require 12 and even up to 24 months of reserves to qualify. One month of reserves is equal to your total monthly mortgage payment.
Types of Jumbo Loan Programs Available at Gustan Cho Associates
There are many types of jumbo mortgage options to choose from. Gustan Cho Associates is a lender with a national reputation of having the most jumbo mortgage options due to having lending relationships with over 170 wholesale mortgage lenders and being licensed in 48 states. There are two types of jumbo loan programs: traditional full-doc jumbo mortgages and non-prime jumbo loans requiring no income tax returns. In the following paragraphs, we will cover the different jumbo options available at Gustan Cho Associates.
VA Jumbo Loans in High-Cost Counties
VA jumbo loans: Many veterans have asked if jumbo financing is available. The answer is yes. After the Blue Water Navy Vietnam Veterans Act of 2019 was signed by President Trump, there are no longer loan limits for VA mortgage lending.
A veteran used to need a 25% down payment for the difference between the purchase price and the county limit of their home, but that is no longer the case.
We offer VA Jumbo mortgages well above $1 million for our nation’s veterans. There is no limit. A veteran must still qualify based on all VA mortgage guidelines. For more information, please get in touch with our VA mortgage expert at Gustan Cho Associates (800-900-8569).
NON-QM Jumbo Mortgages
Gustan Cho Associates has a national reputation due to the various non-QM loan programs it offers. We offer a full lineup of NON-QM mortgage products.
Please read our blog on NON-QM mortgage products for more information.
But even if you are self-employed, we do not want you to be discouraged from utilizing a jumbo mortgage. We are experts in alternative mortgage financing and are here to answer any questions about the loan programs.
Low Down Payment Jumbo Mortgages
This is one of the main topics we want to cover. As the nation’s economy recovers, we have seen some of our most successful mortgage products return to the market. During the COVID-19 coronavirus outbreak, we lost our ability to use a 10% down jumbo mortgage loan.
The 10% prime and nonprime jumbo mortgage loan program is now available again. This program will allow many potential homebuyers to enter the jumbo mortgage market with a small down payment.
Whether we utilize a 90% LTV jumbo loan, a combined first and second mortgage, or low down payment options for jumbo mortgage lending, our team is here for you. As each one of these products has slightly different qualifications, it is best to call Gustan Cho Associates for specifics. We even have a 3.5% down jumbo mortgage program available in most states.
Qualify Today on a Non-QM or Traditional Jumbo Loan at Gustan Cho Associates
Applying for a jumbo mortgage loan at Gustan Cho Associates is very simple. In fact, it is no different than applying for a conforming loan. First, she will reach out directly to Gustan Cho Associates at 800-900-8569. You may call or text this number.
We will schedule a one-on-one consultation to review your jumbo mortgage qualifications. Assuming your initial qualifications check out, you will fill out an online mortgage application.
This online mortgage application will permit your loan officer to verify your credit report and continue progressing with your pre-approval. Your loan officer will issue you a preapproval letter based on your credit profile, qualifying income, and available assets.
Starting The Qualification and Loan Application Process To Get Pre-Approved Today
Jumbo mortgage lending can be difficult to understand. And each lender may have different jumbo programs at their disposal. The Gustan Cho Associates can offer some highly competitive jumbo mortgage financing. Please get in touch with our team directly with any questions surrounding jumbo mortgage qualifications. We can be reached seven days a week by phone, email, or by filling out our online form.
