Do Jumbo Loan Guidelines Help Realtors?
We realize that Realtors are working harder than ever to help home buyers get their offers accepted. For many, that means looking outside the conforming loan limit and into a jumbo loan. With these loans becoming more common, it’s important to make sure you’re up to date with current guidelines and requirements.
Any mortgage over $548,250 (or $822,375 in some areas) is a jumbo loan under current guidelines from Fannie Mae and Freddie Mac.
In this competitive real estate market, it’s easy for a home to be priced above the conforming loan limit. That means more clients will need access to jumbo loans. For that to happen, certain requirements need to be met regarding credit score, savings, debt-to-income ratio, as well as loan-to-value ratio of the home.
Not all lender requirements are as strict, though. For example, at Churchill Mortgage, we may allow a loan-to-value ratio of 85%, which gives clients a bit more room to breathe on their down payment status.
It’s important to reiterate that every situation is unique, and the decision to approve a home loan is on a case-by-case basis. Your client may be approved by one company but denied by another. Helping them understand what lenders are looking for will speed along the process all the way around.
One way for your clients to stand out from the crowd, especially with a jumbo loan, is to become a Churchill Certified Home Buyer. This program positions your client almost like a cash buyer and is better than a pre-qualification or standard pre-approval. It also helps the closing process go more smoothly because underwriting has already taken the necessary steps to review the loan. In today’s market, it helps home sellers know that your clients mean business.
With many homes selling before they’re on the market and the amount of money homes are being listed for, it isn’t easy for buyers (or Realtors) to make deals happen. While a jumbo loan approval makes things easier, there are many ways you can help a buyer while they’re searching for a new home.
Navigating the world of mortgages can be tricky, but it doesn’t have to be stressful. Help your clients by partnering with a mortgage company that focuses on people over profits. Churchill Mortgage exists to help home buyers achieve their dream of homeownership, and to work with real estate agents to make sure their clients are receiving the very best options available to them.
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