Question 1

What is a jumbo loan?

Accepted Answer

A jumbo loan is a mortgage that exceeds the conforming loan limits set by the Federal Housing Finance Agency. In most Texas counties, any loan above $766,550 is considered a jumbo loan. These loans are not backed by Fannie Mae or Freddie Mac.

Question 2

What are jumbo loan requirements?

Accepted Answer

Jumbo loans typically require higher credit scores (usually 700+), larger down payments (10-20%+), substantial cash reserves, and lower debt-to-income ratios than conventional loans. Requirements vary by lender and loan amount.

Question 3

Are jumbo loan rates higher than conventional rates?

Accepted Answer

Historically, jumbo rates were higher due to increased lender risk. However, in today's market, jumbo rates are often competitive with or even lower than conventional rates for well-qualified borrowers.

Question 4

Can I get a jumbo loan for an investment property?

Accepted Answer

Yes, we offer jumbo loans for investment properties, though requirements are stricter. Expect higher down payments (typically 25%+), higher credit score requirements, and additional reserve requirements.

Question 5

What documentation do I need for a jumbo loan?

Accepted Answer

Jumbo loans require extensive documentation including tax returns, W-2s, pay stubs, bank statements, investment account statements, and proof of assets. Self-employed borrowers may need additional business documentation.

Texas Jumbo Loans

Jumbo Loan Benefits

Typical Requirements

Frequently Asked Questions

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