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I have read some of the postings about Jumbo Loans. What credit score and income is needed for a couple with 5% down and looking to buy a 620K home in California RIGHT NOW? We have a great opportunity to do so. I have heard that your age, race and location (CA vs. NV for example), makes a difference. Have the big companies shut out Jumbos indefinitely or just for a few months? Any experts out there that can answer and/or help?

6 Thoughts on Jumbo Loan….?
  1. Reply
    Gregg
    February 1, 2014 at 5:34 am

    You asked tihs already and I answered. Age and race have nothing to do with it. They are cutting jumbo loans out of their portfolio lately in favor of conforming loans. 417k and under. You are not going to find a 95% loan on your 620k purchase. try getting a 417K conforming loan with second to carry the rest less your 5% down. If you have a credit score of 720 it might be possible and you would not have to pay PMI.

    Edit:
    Moondug’s answer below me is so far off base. Obviously not from someone in the industry. The credit crunch has most certainly affected those with stellar credit the inability to get a jumbo loan is just one example. If you really want to see what can be done, apply for a mortgage and see, it’s free you know. Go apply here http://www.lenderhomepage.com/content/template62/blue/Inner.php?page=ApplyOnline&acctid=100719 and I can tell you exactly what can be done.

  2. Reply
    Moondog
    February 1, 2014 at 5:50 am

    The credit crunch right now is primarily directed at people who are not truly credit worthy. There is little difference for those with a good credit history.

    I really doubt that race affects your credit worthiness in today’s world. Age shouldn’t but may to some extent. Income, job stability and credit history are of course the biggest factors in getting a loan.

  3. Reply
    Christopher B
    February 1, 2014 at 6:05 am

    It will greatly depend on your credit score, and the amount of money you have tucked away in savings. Lenders are running scared right now because of all the foreclosures, so if may be hard. And if you do get approved, you may have some crappy rates – which you will be able to refinance once the market settles out in the next couple of years.

    BE CAREFUL – California home prices are some of the most inflated in the nation. It is going to take a while before they stop dropping and settle out. If you buy your property at too high a price, chances are you will soon be upside down on the value, and may be in a tight spot until home values start coming back up.

  4. Reply
    ninja
    February 1, 2014 at 6:32 am

    As far as I know, Jumbo Loans are loans $ 450,000.00 and above.

    Congratulations on your new home (once you find it) – make sure that every points and fees that you are going to pay for will be in your contract and there for a reason. Question and don’t sign the contract or loan if there is even one teeny tiny thing in there that strikes out. Don’t define it in your mind – no matter how friendly your Loan Officer is to you. Just a reminder – not to be so sneaky.

  5. Reply
    deisel_20044
    February 1, 2014 at 7:13 am

    not expert ,but i just bought a home 2 yrs ago,if you have 20% down you can have a choice of lenders ,i have 30 yrs. fixed 6.50% hope it helps.your best is fixed rate, not verryatible……..get tax and homeowners in your monthly paymet

  6. Reply
    Heather to You
    February 1, 2014 at 7:52 am

    I work at one of those so “big companies”.

    Lets just say in my company you can do 5% down, however you will be forced to pay private mortgage insurance, so in order to keep you from doing that we’d put you in two mortgages.

    YOUR AGE AND RACE WILL NEVER EVER INFLUENCE A DECISION ABOUT A LOAN. It’s against the law.

    To answer the rest of your question it’s not just about the income its your debt to income ratio, and credit scores all fit in as a factor. 620 being the most common.

    dont just focus on one type of loan. what your need to do is find a company that you can trust and let the loan officer handle it from there. a good loan officer will be able to tell you your options and whats best in your situation!!!

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