Jumbo Loan

How to Qualify for a Jumbo Loan

Qualifying for a Jumbo Loan is similar to other mortgage types, but the requirements are typically more stringent due to the larger loan amounts:

• Credit Score: Most Jumbo Loan lenders require a credit score of at least 700, though higher scores can help secure better rates.
• Down Payment: A larger down payment is often required, typically ranging from 10% to 20%.
• Debt-to-Income Ratio (DTI): Lenders generally look for a DTI of 43% or lower to ensure you can comfortably manage your payments.
• Cash Reserves: Many lenders require proof of substantial cash reserves, sometimes equating to six months of mortgage payments or more.
• Income Verification: You’ll need to provide detailed income verification, including W-2s, tax returns, and proof of any additional assets.

At ALT Financial, our team of expert Jumbo Mortgage Brokers will work closely with you to help meet these requirements and find the best loan terms. If you’re interested in refinancing, check out our services as a Refinance Broker for more details.

Applying for a Jumbo Loan in California

Applying for a Jumbo Loan in California with ALT Financial is a straightforward process designed to fit your specific needs. Here’s how it works:

1. Consultation: We’ll start by understanding your financial goals and property needs, and guide you through the available options.
2. Pre-Approval: Before you start shopping for a home, we’ll help you get pre-approved, so you know how much you can afford.
3. Gathering Documentation: You’ll need to provide financial documents such as income statements, tax returns, and details on your assets.
4. Application Submission: Once the documentation is complete, we’ll submit your application to the lender to begin the approval process.
5. Approval & Closing: After the loan is approved, we’ll guide you through the closing process to ensure everything is handled efficiently.

As your Jumbo Mortgage Broker in California, we’ll be there every step of the way to make the process as smooth as possible. Need advice on an FHA Loan instead? We can help with that too.