When the home you’re looking to buy could be classified as a luxury home (or a mansion), then you’re going to have to give some thought to applying for a Non-Conforming Mortgage (also known as a Jumbo Mortgage Loan) in order to purchase it. After all, it only makes sense that a jumbo-sized home requires a mortgage to match.
A Jumbo Mortgage is usually required when the price tag on a home exceeds $417,000. Of course, the price does vary greatly between differing areas of the nation, but that price is considered the average of all of them. Still, a Jumbo Mortgage is a very serious undertaking that you’ll need the best expertise to take care of. Neighborhood Loans is ready to handle Jumbo Mortgages Loan and we can help you know what to expect for the qualifications, including:
- A Down Payment on a Jumbo Mortgage is between 25-30% of the asking price.
- The Debt-to-income ratio to qualify for a Jumbo Mortgage is 45%
- A Credit Score above 700 is a necessity for a Jumbo Mortgage
- Six months worth of reserve money for mortgage payments