Jumbo Loan
A jumbo loan is any loan that is above standard lending limits of FHA, VA, or conventional. Loans are offered from $424,000 or higher fixed or adjustable rate.
JUMBO LOAN GUIDELINES & BENEFITS
- Credit scores: Credit scores as low as 700 may qualify.
- Reserves: This is the amount of money you have in bank accounts and investments. Banks want to see that you have reserves in case your income stops. It’s counted in months of housing expenses. So, if your proposed house payment including principle, interest, taxes and insurance is $4,000, and your bank requires 12 months of reserves, you’ll have to have $48,000 in the bank, after the down payment and closing costs are paid for.
- Down Payment/Equity: American Mortgage Corporation allows a 20% down payment depending on property type.
- Debt-to-Income Ratio: This is the comparison of your income to your total monthly payment including future mortgage payment. American Mortgage Corporation requires you to have a debt-to-income ratio below 43.
- Income Verification: Many jumbo loan borrowers have their own businesses and are self-employed. Gather your tax returns for the last two years. You’ll need them to prove your income.
- Flexible Rate and Terms: Quick close times for a purchase or refinance
Your home loan specialist!
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We've used American Mortgage Corporation for our new home purchase AND refinance. Nobody in town could beat their rates! Thank you, Joe! It can be very stressful to buy/refinance but Sara Jo helps you through the process with ease and professionalism. In fact, she would quickly respond to any and every question we had, no matter the day or time. Truly dedicated! We highly recommend American Mortgage Corporation. They are accurate in their estimates, quick, efficient, and professional.
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Sara Jo and her team were awesome throughout the process from start to end. Always professional, warm and friendly. There were times when we were overly anxious, and overwhelmed with the request for documentation. But, Sara Jo was patient and always responded quickly to every single inquiry that we initiated. My husband and I were in great hands. Thank you so much, Sara Jo!!
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Sara Jo- The Mortgage Pro is the absolute best to work with . She is extremely professional, patient , and genuinely interested in getting her clients the best deal . American Mortgage is very fortunate to have her on their team - she is a winner . If your looking to refinance your home or purchase a home go see Sara Jo at American Mortgage
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Joe was extremely helpful and took the time to talk me through the many different options including the pros/cons of each. Gave me by far the best rate after which the staff stayed on top of the process to close on my loan. Looking forward to doing business with them in the future.
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Sara Jo is such a genuine warm person that actually cares . In today's society these skills tend to be hard to find . She is there every step of the way to answer all questions and walk you through the process of refinancing your home . Definitely top notch service and I will refer her to all of my friends and family . Thank you Sara Jo your truly a Gem
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