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Jumbo mortgage guidelines

There are many factors involved in the underwriting of a jumbo loan. Lenders have different guidelines for their own internal jumbo programs. Most bank lenders will not offer a jumbo over 80% LTV. This the max risk level for most banks and mortgage companies on a purchase. For a refinance (rate/term) or a cash out refinance, the LTVs are less than this.

The minimum loan amount for 2017 will be $1 over the $424,100 loan limit or if the super conforming loan amounts apply, then $1 over this amount. You can rest assued that your middle credit score or lower of 2 scores will be used to qualify you. Your credit, income, assets and property value are the most important factors in determining your qualifications for a jumbo mortgage. Some lenders may require a 2nd appraisal in the case where the loan amount exceeds a certain dollar amount. Your debt to income ratio in most cases should not exceed 43% to receive approval for the loan.

For those who are self employed, tax returns for the last 2 years will be requested. Here at PWC, we can help you analzye your taxes and possibly help to increase your income. We are familiar with underwriting procedures for income, and we will carefully review your tax returns and search for ways to increase your income via certain non-cash charges including depreciation, amortization and other "one-time" expenses.