How To Get The Best Texas Jumbo Mortgage
A jumbo home loan is defined as a loan whose loan amount exceeds the Fannie Mae conforming loan limit. In Plano Texas, the conforming loan limit is $453,100. The Richard Woodward Mortgage Team is well versed in handling the special needs of luxury home buyers. Buyers will receive the concierge service one should expect from a top Plano Texas mortgage professional. Discriminating luxury home buyers can rest assured that selecting The Richard Woodward Mortgage Team to handle your Plano Texas jumbo home loan needs is always the right choice.
Give us a call or email us today to discuss available jumbo home loan options. We offer jumbo mortgages up to $3,000,000. Jumbo Mortgage rates – we have the best!
• 15 Year Fixed
• 30 Year Fixed
• 3,5,7,10 Year ARM
Receive the best loan options in the market today with as little as 10 percent down payment depending on the loan size. All loans require full documentation of the last 2 years income with W-2’s and Tax Returns. Unlike the large banks, we have very flexible options for luxury home buyers with large cash assets.
Most mortgage bankers do not have the luxury of in-house underwriting like Service First Mortgage does. This gives us a major advantage over many other lenders. We also have a very knowledgeable and experienced appraisal pool through our local appraisal management company. For loans less than $850,000 we offer in-house underwriting and quick closing turn times.
Need a larger loan with a smaller rate and lower payments? Finding the right Jumbo Home Loan can be difficult. Let the experts at Service First Mortgage do the work for you. Purchasing or refinancing? We can help you with fixed and variable rate Jumbo loans for mortgages that exceed Fannie Mae or Freddie Mac conforming loan limits.
Why choose a Plano Texas Jumbo Loan through Service First Mortgage?
Getting a Jumbo loan at a lower rate doesn’t have to be a hassle. Our experienced loan officers can quickly help you find the loan that is right for you.
• No Mortgage insurance with 10% Down up to $750,000
• Primary home loans up to $3,000,000
• Vacation home loans up $1,500,000
• Condo home loans up to $1,000,000
• Investment property loans up to $1,000,000
• No adjustment to price/rate for vacation or investment properties or loans up to $1,000,000
• 1st and 2nd combo loans up to $1,500,000
• Down payment funds can come from various sources if 85% CTLV or less
How We Make Qualifying Easier
• Self‐Employed only needs one year on the job, as long as customer’s previous work history was in same line of work or formal education/training in the same line of work.
• Utilize 2 year average of self‐employed and commission income with less than 25 % decrease
• Customer changing from W‐2 to 1099, with same company, will be considered if in same line of work
• Mortgage payments paid by a business may be excluded if proper verification is provided
• Commission and Bonus Income Highlights- Most lender require 2 full years.
• Commission income may be used if on the job 1 year or more, but less than 2 years
• We can consider using overtime, Bonus, or Commission with less than 2 years at current employment if the borrower has changed jobs in same line of work
• Declining bonus income may be used with a 2 year average, with a less than 20% decrease in current year
• If bonus income has declined by more than 20%, a 3 year average may be used
• Projected adjustments such as raises & bonuses may be included in income
Purchase program Highlights
• Rental income can be used if LTV is 75% or less and customer has 6 months reserves for property when primary residence that will be rented out
• Pending sale of current residence can be taken out of DTI if under contract & contingencies have been met
• Rental income may be used on property being purchased if meets guidelines
• Income for New job / Relocation may be used before start date ‐ within 60 days of new hire date w/non‐ rescindable contract
Other Income Highlights
• 401K loans excluded from DTI
• Gaps in employment may be acceptable with an acceptable letter of explanation
• Part‐Time income may be used less than 2 years, with documentation of good continuance
• Alimony is taken away from gross income and is no longer treated as a liability
• Co‐signed debt on auto, student loans, and mortgages may be excluded if proper verification is provided
• Retirement income – Anyone age 59.5+ can utilize 70% of balance, for depletion of asset income, on a retirement account over term of loan (same account can’t be used for reserve requirement on loan)
• Foreign income now used
• Rental income on properties recently purchased or after the last tax return was filed may be considered
• Boarder income may be used if on tax returns
• DTI is now raised up to 43% on any loan with 80.01% ‐ 90.00% LTV
We make it easy to get started. Get started online now or call us at (214) 945-1066.
Service First Mortgage is a direct mortgage lender serving all of Texas, Florida, Arizona, Kentucky, Ohio, Oklahoma. This McKinney, Texas Branch services all of Texas but is local to the DFW, Plano, Frisco, Allen, McKinney, Carrollton, The Colony, Melissa, Prosper, Fairview, Denton, Lewisville, South Lake, Coppell, Rowlett, Rockwall, Mesquite, Richardson and Garland
Disclaimer: Loan underwriting requirements are subject to change at any time. Additional requirements or conditions may be applicable based upon a particular borrower’s credit or financial profile.