Houston Jumbo Home Loans
We Guide The Way
Houston Jumbo Home Loans
30, 20, 15 Year Fixed Mortgages
If you're looking to purchase a larger, more luxurious home in Texas, a jumbo home loan may be the right option for you. At Flagstone Mortgage, we can broker competitive rates on jumbo loans up to $3,000,000.
To qualify for a Texas jumbo mortgage, you will typically need a credit score of at least 700, as well as documentation of income and assets. In Texas, the maximum debt-to-income (DTI) ratio for jumbo loan borrowers is 45%, and the required reserve amount is generally at least six months in reserves after closing.
We offer both fixed rate and adjustable rate options, as well as 80% LTV maximum, subject to investor requirements. Our local Texas customer service team is available to assist you every step of the way, from application to closing. We understand that purchasing a luxury home can be a complex process, and we're here to help make it as easy and stress-free as possible.
Overall, a Texas jumbo home loan can be an excellent mortgage option for those looking to purchase a larger, more expensive home. With competitive rates, flexible options, and local Texas customer service, Flagstone Mortgage is the perfect lender to guide you through the process
What Are the Requirements for a Jumbo Home Mortgage in Texas
A Few Things To Consider
If you're interested in qualifying for a Texas jumbo loan, there are a few important steps you can take to ensure that lenders view you as an ideal borrower. Here are some of the jumbo loan qualification requirements for 2021:
Raise your credit score: Jumbo loans typically require a higher credit score than traditional loans, so it's important to work on improving your credit score before applying. Your score should be at least 720 before you apply, as your lender will run a credit report when you meet with them.
Pay off your debt: Your debt-to-income ratio is an important consideration when applying for a jumbo loan. Most lenders prefer to loan to borrowers with a debt-to-income ratio of less than 45%, so it's important to pay off as much debt as possible before applying.
Save up some cash: You'll need enough cash to cover your down payment when you apply for a jumbo loan, and many lenders will also want you to have at least one year of mortgage payments in your bank. Having enough cash stored up shows lenders that you're at low risk of defaulting on your mortgage.
Gather documents: When you apply for a loan to buy a home in Texas, you'll be asked to provide a lot of documentation, including tax returns, bank statements, investment account information, and pay stubs. Make sure you have all these documents in a neat folder and be able to hand them over to your lender without any issues.
Prepare for a double appraisal: Your home may have to be appraised twice when you take out a jumbo loan. This is because jumbo loans often exceed the conforming loan limit, and lenders want to ensure that the home is worth the amount being borrowed.
By following these steps, you can increase your chances of qualifying for a Texas jumbo loan. With a higher credit score, lower debt-to-income ratio, and enough cash saved up, you'll be in a better position to secure the financing you need to purchase your dream home.