WEI Mortgage Corporation Can WEI Mortgage Corporation Can Help Borrowers Understand Help Borrowers Understand Requirements for a Jumbo Requirements for a Jumbo

MortgageMortgage By Wei Mortgage CorporationBy Wei Mortgage Corporation

WEI Mortgage Corporation Can Help WEI Mortgage Corporation Can Help Borrowers Understand Requirements for a Borrowers Understand Requirements for a

Jumbo MortgageJumbo Mortgage Across America, a Across America, a jumbo mortgage jumbo mortgage is defined is defined

by a borrowed amount in excess of the by a borrowed amount in excess of the conforming loan limits set by the federal conforming loan limits set by the federal government’s Freddie Mac and Fannie Mae. government’s Freddie Mac and Fannie Mae. These amounts are set by county and apply to These amounts are set by county and apply to loans above the $417,000 to $625,000 price loans above the $417,000 to $625,000 price point on a single-family residence. Potential point on a single-family residence. Potential homeowners who wish to borrow more must homeowners who wish to borrow more must qualify for a jumbo mortgage, which brings qualify for a jumbo mortgage, which brings additional requirements. additional requirements. 

WEI Mortgage Corporation Can Help WEI Mortgage Corporation Can Help Borrowers Understand Requirements for a Borrowers Understand Requirements for a

Jumbo MortgageJumbo Mortgage The following stipulations accompany a jumbo mortgage:The following stipulations accompany a jumbo mortgage:

-Down payments are larger, as jumbo loans may not be -Down payments are larger, as jumbo loans may not be accompanied by private mortgage insurance.accompanied by private mortgage insurance.

-In most cases, the borrower’s credit score cannot be -In most cases, the borrower’s credit score cannot be less than 700.less than 700.

-The highest debt-to-income ratio permitted is forty-five -The highest debt-to-income ratio permitted is forty-five percent.percent.

-Jumbo mortgage recipients must hold at least six -Jumbo mortgage recipients must hold at least six months of cash reserves in their bank account to cover months of cash reserves in their bank account to cover their mortgage payment. (Sometimes this rate can be as their mortgage payment. (Sometimes this rate can be as high as twenty percent of the total mortgage amount.) high as twenty percent of the total mortgage amount.)

WEI Mortgage Corporation Can Help WEI Mortgage Corporation Can Help Borrowers Understand Requirements for a Borrowers Understand Requirements for a

Jumbo MortgageJumbo Mortgage To learn more about how WEI Mortgage To learn more about how WEI Mortgage

Corporation can help with jumbo Corporation can help with jumbo mortgages, please visit mortgages, please visit weicorp.comweicorp.com. .