Posted on: 30th Apr, 2009 04:23 pm
Does anyone have experience with super jumbo's? we are looking for a $1.5M loan and we both have scores of 670-690. Income shouldn't be the issue? Will we qualify with these scores for this type of loan?
You MAY qualify but there are other factors...
Income, LTV, property type, etc
You should speak to one of the qualified mortgage experts on this site, give him or her more details and then you will have a true answer regarding your scenario.
Income, LTV, property type, etc
You should speak to one of the qualified mortgage experts on this site, give him or her more details and then you will have a true answer regarding your scenario.
You do qualify based on credit. The next hurdle will be the loan to value ratios. Pending you have sufficient equity in the property, you should qualify. Keep in mind, you're going to face additional adjustments for your credit being below 700. I hope this helps...
Hi
A credit score of 670-690 is very good, but as you're going to apply for a super jumbo loan, I feel a 700+ score would hae been much better. As James said you may have to face some additional adjustments for your below 700 credit score. Apart from your credit score, the LTV ratio, your income, the DTI ratio etc will also be taken into consideration by your lender when approving your loan. You can go for a no-obligation free mortgage consultation with the lenders of this community. They will assess all these factors and will tell you whether you can qualify for a super jumbo loan.
A credit score of 670-690 is very good, but as you're going to apply for a super jumbo loan, I feel a 700+ score would hae been much better. As James said you may have to face some additional adjustments for your below 700 credit score. Apart from your credit score, the LTV ratio, your income, the DTI ratio etc will also be taken into consideration by your lender when approving your loan. You can go for a no-obligation free mortgage consultation with the lenders of this community. They will assess all these factors and will tell you whether you can qualify for a super jumbo loan.
