Requirements for Jumbo Mortgages are More Stringent
Jumbo loan in New York can often be difficult to secure, particularly for borrowers whose income is less than $500,000 annually. Financing is still available for jumbo mortgages, but prospective homeowners have to carefully tread the application process. To obtain these loans, we at Centex Capital, located in New York can help.The Federal Housing Administration (FHA) defines jumbo mortgages as those whose loans exceed a so-called conforming loan limit of $729,750 designated by government-owned companies Fannie Mae and Freddie Mac. Upper limits of jumbo mortgages in New York are usually $1 million. These loans require larger down payments, typically at least 20 percent. Loan rates are higher too, at 1/4 to 1/2 percent more than conventional financing.Because the East Coast of the United States has many areas with high property values, a higher percentage of borrowers need to secure jumbo mortgages. We can aid borrowers from counties such as Nassau, Suffolk, Westchester and Rockland as well as in New York City’s boroughs through the jumbo loan application process.Requirements for jumbo mortgages in New York include two property appraisals from different, unrelated companies.
Borrowers must also provide income verification, have a six-month reserve for payments and a credit score of at least 700. Borrowers can qualify for better interest rates for jumbo mortgages if they can verify substantial asset reserves such as an IRA, 401k, savings money market accounts, or similar liquid financial instruments. We at Centex Capital can advise you on what types of financial reserves will qualify.
Jumbo Limits for New York Properties are as follows:
One Family $625,000
Two Family $800,775
Three Family $967,950
Four Family $1,202,925
Contact us to see if you qualify for a Jumbo Loan. Email us or call us at (800)842-2910.