Who Is A Jumbo Loan Right For?
Advice you can TRUST! | Valor Lending Group
Who Is A Jumbo Loan Right For?
Looking to purchase a high-end luxury home?
If you are a real estate investor, self employed, or full document qualifier we have many different loan options that will fit all your needs.
We can provide jumbo loan financing for primary residence, second homes or investment properties.
A Jumbo Loan is a conventional home loan that surpasses the conforming lending limits of Freddie Mac and Fannie Mae.
See information below on what a jumbo loan is in detail and how to qualify for financing.
What is a Jumbo Loan?
A Jumbo Loan is one that exceeds the county guidelines for conforming and high balance conforming loan limits set by Fannie Mae and Freddie Mac. (California county limits here)
Valor Lending Group has a number of full document and alternative financing solutions for purchase, refinance, and cash out Jumbo Loans. We have options that allow you to secure and maintain the luxury property of your dreams.
Why Use Jumbo Loans?
Traditional mortgage lenders require tax returns, W-2s, and paycheck stubs in order to determine monthly income. For salaried and hourly borrowers, the lenders look at gross income for qualifying purposes. But for self-employed borrowers, traditional mortgage lenders look at net income, the adjusted gross income showing on tax returns. The qualifying income is viewed in conjunction with all debts, and a debt-to-income (“DTI”) ratio is calculated. Traditional mortgage lenders would be required to have a DTI of no more than 35%. However, at Valor Lending Group, our funding sources typically allow up to 50% DTI and a lower credit score and down payment requirement.
How Do You Qualify For A Jumbo Loan?
You qualify for a Jumbo Loan in the same way as a conventional or high balance loan, with full documentation, such as 2 years tax returns, W2s, most recent pay stubs, etc.
Are jumbo loans common in California?
Jumbo loans in California are very common given how expensive the real estate market is here, an average jumbo loan is between $2M to 3M. The amount of your California jumbo loan will depend on your recurring debts and income.
What is the minimum down payment for a jumbo loan in California?
Valor Lending Group has many sources to help you acquire the best jumbo loan for your situation. We can offer as low as 10% down!
New Jumbo Loans Highlights:
- 90% Max LTV | As Low as 10% Down!
- 40-year fixed term with IO
- Max Loan Up to $30MM!! (Most lenders cap at $2M-$3M)
- Flexible Guidelines
- 15, 20, 25 & 30 Year Fixed Interest Rates
- Non-occupant co-borrower + Gift Funds
- Interest-Only with 680 + Fico
- 90% LTV cash out (Up to $1.5M)
- 2-year seasoning – short sales + bankruptcy
- 3-years seasoning – foreclosure
- As low as 600 Fico
- DTI Allowed up to 50%
- Valor boasts the very best communication, service, rates and performance in the industry
- Valor ensures the very best pricing by shopping with many direct lenders so you don’t have to!
Who Is A Jumbo Loan Right For?
At Valor Lending Group, we have Jumbo Loans perfect for the high-income and strong asset borrower who is looking to buy or refinance a luxury home in high-end markets.
In addition, we also offer full documentation low rate loans, stated income loans, and hard money loans.
Advantages and Disadvantages of Jumbo Loans
1) Pros of Jumbo Loans
- Higher Loan Amounts
- Luxury Homes purchase (better schools, lower crime rates, larger homes)
- No Mortgage Insurance (for some lenders)
2) Cons of Bank Statement Loans
- Bank Statement rates nearing full doc rates!
- Lower Leverage
- Lower debt to income ratio, typically at 50% DTI
- Higher reserve requirements
- More stringent underwriting guidelines
The Bottom Line
Jumbo loans provide borrowers with the opportunity to acquire much higher value, larger homes in the most desirable communities throughout the country. Additionally, borrowers will not have to come in with the difference in cash above the conforming loan limits. When seeking these higher-end luxury homes. Not every lender offers jumbo loans, and it is best to identify and partner with a jumbo loan specialist such as Valor Lending Group.
We also offer:
- Bank Statement Loans
- Hard Money Loans
- FHA Loans
- Doctor/Dentist/Vet Loans
CALL or EMAIL ME for immediate attention to your scenario!
Valor Lending Group can fund your fast-hard money loan up to $10MM in as little as 7 days often without an appraisal.
I look forward to an opportunity to demonstrate my prompt and professional service.
Recap of our Loan Products:
- Hard Money Loans (20% down / minimal documentation) Typically Fund in 7-10 days.
- Stated Income Loans (Great for business owners and self employed ) No tax returns!
- 100% financing is available (we can cross collateralize other properties if there is enough equity)
- Valor VA Home Loan 100% financing up to $1.5MM
- Rental Property Loan – No tax returns or DTI calculation! Based on subject property cash flow – No DSCR Coverage needed!
- Flipper & Rehab Loans (Flip a property with one of our many options)
- 2nd Position Loans up to $5mm
- Raw Land & Lot Loans
- Ground up Construction for spec homes, custom homes and commercial ground up.
- Farms, Vineyards, Ranches and Agricultural Properties (25-30% down)
- Manufactured Housing / Mobile Homes (20% down / 600+ credit score)
- Acreage Properties
- Commercial Loans up to $500mm
- 3% & 5% down Conventional Loans– LPMI (Lender paid mortgage insurance)
- Foreign Nationals Loans (no social security or residency required)
We Also Offer
- Conventional Conforming Loans (under $647,200)
- High Balance Conforming (from $647,200-$970,800)
- Jumbo Loan Financing to $10 Million / 10% down Jumbo to $1.5mm
- FHA, USDA
- Reverse mortgages up to $1 Million Value
- Cash Out Refinancing
**Rates and terms subject to change without notice
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