Jumbo Purchase

Shopping for an expensive home or searching in a hot real estate market? An affordable jumbo might be the answer.

Product description

If you’re shopping for an expensive home or searching in a hot real estate market, you may find that the amount you need to borrow exceeds the loan limits for traditional loans.

Your best option could be a jumbo loan, which allows you to borrow a larger sum of money for a property than a conforming loan. A conforming loan is a mortgage that “conforms” to Fannie Mae and Freddie Mac requirements regarding credit, debt and loan size.

The primary benefits of a Jumbo Purchase are...

  • Our Jumbo 90% LTV with no M.I. gives you the option of making a lower down payment or the ability to increase your buying power.
  • Among the most competitive 30-year fixed rates in the industry.
  • Loan amounts all the up to $3 million while still being eligible for primary, secondary and investment properties.

How do I qualify?

Jumbo mortgages and conforming home loans like conventional loans have many similarities, but there are some key differences to be aware of, including the amount of down payment, cash reserves and credit score you’ll need to qualify. Underwriting criteria for most jumbo loans are stricter because the loans are larger and riskier for wholesale lenders. Most lenders will require a 720+ FICO but at Nevada Home Loans we have options available down to a credit score of 700+.

Some other eligibility requirements include...

  • Credit Score. The minimum credit score requirement is 700+ depending on the the wholesaler that is used. Some will require 720+.
  • Income must be verified by reviewing your recent pay stubs, W2s and tax returns. Debt-to-income ratio cannot exceed 43%.
  • To prove your financial well being, we’ll need extensive documentation. Bank statements and investments will need to be verified to ensure the you has sufficient assets to close. These funds must be able to cover a down payment with any other closing costs.

Why us?

We’re transforming the way people think about financing their home. We’re also building a team that proactively tackles the challenges that come with getting a mortgage. Learn more about why we do what we do.

Fixed vs Adjustable?

For most loan types we offer, you have the option of choosing between a fixed or adjustable rate. We explain the benefits and drawbacks of each so that you can make the best decision for your situation.