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Best interest rates in Houston for JUMBO loans to 89.90% without mortgage insurance for loans up to $1,500,000.
Utilize the Lowest JUMBO Rates in Houston to Your Benefit
At their core, Jumbo fixed-rate loans are a type of mortgage loans that offer a fixed-rate product over a period of 30 years. They're available to first-time homebuyers who have not owned any type of property in the last three years, and who meet certain criteria like:
• The loans themselves are only eligible on someone's primary residence.
• They are eligible with 12-month reserves.
• The maximum loan amount for First Time Home Buyers is $1.5 million.
Note that for loans with more than one borrower, and in situations where one of those borrowers has owned a home in the last three years, the aforementioned first-time homebuyer requirements do not actually apply.
It's equally important to understand that loans that close with an LTV between 80.01 and 89.90% are not eligible for mortgage insurance. This means they must meet additional requirements like:
• The property in question must be owner-occupied.
• The loan must be a purchase or a rate/term refinance.
• The maximum loan amount is actually decreased to $1.5 million.
• It can also only have a maximum DTI of 45%.
• An escrow account must also be established for applicable expenses moving forward.
Jumbo mortgage loans in Houston, Texas are quite common - as they are in much of the rest of the country. They do, however, carry certain geographic restrictions. Homeowners in Puerto Rico and the US Virgin Islands are not eligible, for example.
All told, the conditions of Jumbo mortgage loans in Texas will vary depending on the specific situation you find yourself in.
Primary Residence - Purchase and Rate/Term Refinance - No MI Option
In situations where you're dealing with a one-unit, PUD, or condo-type dwelling, requirements include:
• A maximum LTV of 89.90%.
• No subordinate financing.
• A maximum loan amount of $1.5 million.
• A minimum credit score of 700 to qualify.
Primary Residence - Purchase
If you're going to be purchasing a one-unit, PUD, or condo-type dwelling, requirements include:
• For a maximum LTV of 89.90%, you're dealing with a maximum CLT/HCLTV of 89.90%, a maximum loan amount of $1.5 million, and a minimum credit score requirement of 700.
• For a maximum LTV of 85%, you're dealing with a maximum CLT/HCLTV of 85%, a maximum loan amount of $2 million, and a minimum credit score requirement of 700.
• For a maximum LTV of 80%, you're dealing with a maximum CLT/HCLTV of 80%, a maximum loan amount of $1.5 million, and a minimum credit score requirement of 680.
• For a maximum LTV of 70% with a maximum loan amount of $2.5 million, however, things change a bit. Here, the maximum CLT/HCLTV is 70% and the minimum credit score requirement is 720.
Things change a bit if your primary residence is a one-unit dwelling. At a maximum LTV of 70%, the maximum CLT/HCLTV is 70% and the maximum loan amount is $3 million. The minimum credit score requirement in this situation is 700.
For two-unit dwellings, there are two distinct options available:
• For a maximum LTV of 65%, you're dealing with a maximum CLT/HCLTV of 65%, a maximum loan amount of $1 million, and a minimum credit score requirement of 700.
• For a maximum LTV of 60%, you're dealing with a maximum CLT/HCLTV of 60%, a maximum loan amount of $1.5 million, and a minimum credit score requirement of 720.
Primary Residence - Rate/Term Refinance
Obviously, things will begin to vary when you enter into a situation where you are trying to refinance your home - either for the purposes of lowering your mortgage payment amount, lowering your rate, or both.
For one unit, PUD and condo-style dwellings:
• For a maximum LTV of 80%, you're dealing with a maximum CLT/HCLTV of 80%, a maximum loan amount of $1 million, and a minimum credit score requirement of 720.
• For a maximum LTV of 75%, you're dealing with a maximum CLT/HCLTV of 75%, a maximum loan amount of $1.5 million, and a minimum credit score requirement of 720.
• For a maximum LTV of 70%, you're dealing with a maximum CLT/HCLTV of 70%, a maximum loan amount of $1 million, and a minimum credit score requirement of 700.
• For a maximum LTV of 60%, you're dealing with a maximum CLT/HCLTV of 60%, a maximum loan amount of $2.5 million, and a minimum credit score requirement of 720.
An additional option is a maximum loan amount of $2.5 million with a maximum LTV of 70%. In this situation, the maxim CLT/HCLTV would be 70% and the minimum credit score requirement would be 720.
Additional Considerations About Jumbo Mortgage Loans in Houston
If you're interested in pursuing a jumbo mortgage loan in Houston, it's important to be aware of certain qualifying ratios that exist. Borrowers must show a maximum 43% debt-to-income ratio, for example. There are no exceptions to DTI requirements.
Certain reserves must also be present, which will again vary depending on the situation:
• For a primary residence with a loan amount of up to $1 million, six months of reserves are required with verified PITIA.
• With a loan amount of between $1,000,001 and $1.5 million, nine months of reserves are required with verified PITIA.
• If the loan goes up to between $1,500,001 and $2 million, 12 months of reserves are required with verified PITIA.
• For loans between $2,000,001 and $3 million, 24 months of reserves are required with verified PITIA.
This changes a bit if the jumbo loan is being used to finance a second home:
• Loans of up to $1 million require 12 months of reserves and verified PITIA.
• Loans of between $1,000,001 and $1.5 million need 18 months of reserves with verified PITIA.
• Loans of between $1,500,001 and $2.5 million require 24 months of reserves with verified PITIA.
Finally, there are a host of different requirement options for Jumbo products that one needs to be aware of before proceeding. The following are all valid only unless additional requirements are specified within the product description.
• First, borrowers must have a minimum of three trade lines that are both open and active. They must have a satisfactory 12-month reporting history on each one. Likewise, they must have a total length of credit history reporting for at least 24 months, or two years.
• Secondly, a borrower must have a minimum of two trade lines with a satisfactory 12-month history on each one. One of those accounts needs to be a mortgage that has reporting within the last five years - it can be an open or closed account. A secondary trade line must not only be open, but it also must have been active at some point within the last 12 months.
• The third option is to have a total length of credit history reporting for at least five years. They must have four trade lines with a satisfactory history of at least 12 months, though those accounts can be opened or closed. At least one must have been active within the last 24 months, another needs to be a mortgage with a 12-month history, and all trade lines must be "paid as agreed" within the last 48 months.
If you'd like to find out more information about Jumbo mortgage loans in Texas, or if you have any additional questions that you'd like to discuss with someone in a bit more detail, please don't delay - contact us today.
Obtain Mortgage Loans with Clear Lending
Whether you are considering purchasing or refinancing an existing mortgage loan, Clear Lending can help you get the best interest rates in Houston. Simply complete our secure and encrypted Pre-Approval Form online, and we will contact you right away to review the best options for you regarding the JUMBO loans in Houston.
Not all applicants will qualify. This advertisement is not an offer for an extension of credit. Please meet with a licensed loan originator for more information as programs are available only to qualified borrowers. Programs rates, fees, terms, and programs are subject to change without notice. Not all loans, loan sizes, or products may apply. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet loan-to-value requirements, and final credit approval. Approvals are subject to underwriting guidelines and program guidelines and are subject to change without notice. Some restrictions may apply.
Joan I really appreciate all the patience you had with us. You gave us hope after we had a bad experience with our bank making sure our loan was first approved before looking for a house. This really brought our hopes up. You made sure houses we went to see met our expectations. Then no matter how late at night or early in the morning you would answer all our calls. Even when we signed the contract on the house you would still keep in touch with us and made sure everything was good. I will be referring you everyone I know and our next home purchase is going to be with you. Thank you so much Joan.
BEST LOAN OFFICER!!! I had a terrible experience with Nations Reliable Lending. After wasting time, I met Joan Gallardo. He cleaned my credit explaining WITH details what had to be done. He worked day, nights, even on SUNDAYS on getting me approved. Who does that? Just Joan Gallardo!!! I got a 100% financing thanks to Joan. Thanks to Joan my family and I have a place to call a HOME. I recommend everyone to contact JOAN GALLARDO! You will NOT regret it. Thank you Joan!!
Definitely would recommend this company to anyone trying to get a home. Joan with Clear lending really helped us to close on a home after previous attempts to get a home prior did not go work out. They really worked with our situation and made it possible for us to get our first home. He took the time to answer all our questions and concerns. He was also honest and sincere in his feedback. And For that my husband and I are forever grateful! We were losing hope thinking we wouldn't be able to ever get approved, but clear lending gave us hope again. Thank you clear lending for all your help and making it possible for us to get our first home!!!