Loan Program
Jumbo Loan in Texas
For loan amounts above the conforming loan limits.
What is a jumbo loan?
A jumbo loan is for a loan amount above the conforming loan limits. Lenders often set stricter standards for one, and the terms depend on the lender and your situation.
Who looks at a jumbo loan
- Buyers of higher-priced homes
- Buyers with strong credit and savings
Where a jumbo loan can help
- Pays for a higher-priced home
- A choice of property types
The steps, in order
A first conversation, then a review of your goals and finances, then comparing loans. After that come a secure application, your documents, underwriting, and final approval and closing. No approval is implied before underwriting.
- 1.A first conversation
- 2.A review of your goals and finances
- 3.Comparing loans
- 4.A secure application
- 5.Your documents
- 6.Underwriting
- 7.Final approval and closing
What to weigh with a jumbo loan
- Stricter standards to qualify
- A larger down payment and more savings may be required
What a lender reviews for a jumbo loan
- A stronger credit history
- A lower debt-to-income ratio
- More savings left after closing
- A larger down payment
Property rules for a jumbo loan
- • The appraisal of a higher-priced home
- • The type and condition of the home
Documents for a jumbo loan
- Detailed proof of income and assets
- Proof of savings left after closing
- ID
The down payment on a jumbo loan
Mortgage insurance on a jumbo loan
Questions to ask Bert about a jumbo loan
- Does my situation fit this kind of loan?
- What documents will I need?
- What costs should I plan for besides the down payment?
- How much in savings will I need after closing?
Talk it through with Bert
Program availability and eligibility vary. Ask Bert whether this loan fits your situation.
Schedule a CallImportant
This is educational information, not a commitment to lend or a guarantee of eligibility. Eligibility, pricing, rates, and terms depend on the borrower and transaction. A licensed mortgage professional must review your complete scenario.