If you’re planning to buy expensive property, a jumbo or super jumbo loan is a viable option. Here are a few of the typical requirements:

• Debt-to-income: Lenders want to be sure that borrowers can pay the loan principal, taxes, interest and insurance each month. The lower their overall debt payments (mortgage payment plus credit cards and other debt) are to their income, is better. We call this scanario debt to income ratios.
• Credit: Most jumbo mortgage lenders will generally look for high credit scores of at least 620 to 720 (out of 850).
• Down payment: Down payment requirements will vary by lender, but most will require larger down payments to mitigate their risk. However, it’s definitely possible to find lower down payment options.

There is a mortgage loan out there for every type and size of home, even those that cost more than $1 million. Core Financial can help you find the ones with the very best rates and terms. We know where to look.

Our specialists in jumbo mortgages are standing by 24/7 to answer your questions. Call us at (239) 287-3691 to find out how we can help.

Helpful Terms Defined:

Mortgage: 
Collectively, the security instrument, the note, the title evidence, and all other documents and papers that evidence the debt. A Mortgage is a loan secured by a lien on real estate held in fee simple or on an acceptable leasehold estate. A loan made for the purpose of purchasing, building or rehabilitating real property, and secured by that property. A pledge of real property as collateral for payment of debt. The term is also used to describe both the mortgage (security instrument) and the promissory note evidencing the debt, which includes the terms of the debt’s repayment.

Note: 
The evidence of indebtedness for a mortgage loan. A note is the instrument evidencing the indebtedness secured by a security instrument that sets forth the amount the owner owes the lender and the manner in which the debt is to be satisfied. The note establishes the payment terms, conditions under which prepayments may be made, and the lenders rights in the event of default. A written agreement between the mortgagor and the mortgagee specifying the amount and terms of repayment for a loan.

NMLS #25258- Rates, Programs, Guidelines are subject to change without notice.

This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval.