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Best interest rates in Houston, Chicago & Aurora for JUMBO loans to 100% without mortgage insurance for loans up to $4,000,000.
Utilize the Lowest JUMBO Rates in Houston, TX and Chicago & Aurora, IL 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, 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.
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.
It was an absolute pleasure working with Clear Lending Home Mortgage! Joan and his team truly worked hard on helping me receive my dream home. As a first time home buyer I was unaware of the process and very unsure of what all it took to complete the process. After receiving constant let down and missed opportunities. I was on the verge of giving up until I spoke to Joan. He and his staff worked hard for me in closing on my first home in under 30 days, with an amazingly low interest rate. There was never a time I questioned Joan or his staff. I went into closing confident with no suprises.They were with me the entire process. Words cannot express how grateful I am of Clear Lending Home Mortgage. The level of professionalism and dedication to work hard for the home buyer is exceptional. I would recommend this company to anyone looking to purchase a home, they won't disappoint! Thank you Joan for everything, you made a dream come true!
Good afternoon Joan, thank you so much for all your hard work and patience during this journey. I know it was not easy but we made it. I hope God continues to use you to help make other people's dreams come true. You and your team have been a blessing to my family. Have a Merry Christmas and a most wonderful and prosperous New Year!!!!! Once again, Thank you and Best Regards Carolyn De Leon
FROM GOOGLE: We are first time home owners, thanks to Joan and his team at Clear Lending. I may add his assistant Patricia A. was very pleasant to work with and very attentive. Our house hunting journey was painless, smooth, and actually quick. How quick… in 29 days we went from looking at 10 houses (in one day), we were serious about buying a house. Joan provided potential houses for us in the area we wanted and we did our homework in reviewing and narrowing it down to 10. From looking at different houses to the closing date, I can stay Joan was very much hands on through the whole process. My husband dealt with Joan primarily, but I could see how Joan was there for us. When we had questions at any given time, we could asked, he was always available and responsive. As first time home buyers we had lots of questions and Joan didn’t minimize our questions. Joan is very knowledgeable in his line of work, I can honestly say that. He always kept us informed of what was going on behind the scenes, so we felt at ease. Thanks to Joan, we were able to obtain a good low mortgage rate. Obtain a HOUSE, we are happy and thankful to call our own! My husband actually found Clear Lending online and we couldn’t believe the reviews, it sounded too good to be true. Take it from us, it’s true, we have experienced ourselves. We are thankful to Joan for his dedication, sincerity, knowledge, and guidance. Joan was truly a blessing for us. We would truly recommend Joan and his team at Clear Lending. God bless you Joan. Migdia