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Best interest rates in Houston for JUMBO loans to 89.99% without mortgage insurance for loans up to $3,000,000.
Utilize the Lowest JUMBO Rates in Texas 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 $3 million.
• It can also only have a maximum DTI of 45%.
• An escrow account must also be established for applicable expenses moving forward.
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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 $3 million.
• A minimum credit score of 720 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.
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Additional Considerations About Jumbo Mortgage Loans in Houston, Chicago and Aurora
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.
Requirement Options
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.
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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:
Thank you so much for all your hard work to make this loan a successful ending. You know this is not my first house, but my family and I are very grateful. I am not a first time home buyer, but we are very excited to be a home owner again. I thank you from the bottom of my heart once more for making this possible. Yes, I will definitely refer anyone who comes to me for the inquiry. I will never forget you Joan and Nathalie for what you have done and how hard you worked to make my dream come true. You are very efficient and professional. I am glad that you are my loan officer. Thank you very much once again.
Sincerely,
Jeffrey Rodriguez
FROM GOOGLE: We were first time buyers and did not know how much work it was when purchasing a new home but Joan went above and beyond to get us into our dream home. He educated us on the process, kept us up to date with our account, made himself available day or night if we had questions and was very patient with us. He made an experience that can be tiresome as smooth as possible. Our family is forever grateful for all his hard work and we will definitely refer him and this company to our friends looking to purchase a new home.
Clear Lending helped me to buy my first home and now I just bought my second home. I did not hesitate to contact them again. Joan & Patricia answered all the questions and followed up on my case for a couple of years until I was ready to buy my second home . Thank you for all your support. Merry Christmas.
