Jumbo Loans 2018-09-19T00:49:27+00:00
JUMBO LOANS
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Customer Experience

At Sun West Mortgage Company, Inc., we dedicate ourselves to providing a world-class customer experience.

Working For You

All of our loan experts are dedicated to helping you find the perfect loan for your needs and goals.

Mortgage Expertise

Sun West Mortgage Company, Inc. has nearly 40 years of experience through excellent leadership and loan capabilities.

What is a jumbo loan?

A jumbo loan is a type of home financing that allows borrowers to buy luxury homes or refinance existing large mortgages by exceeding the loan limits set by the Federal Housing Finance Agency (FHFA). Jumbo loans allow you to have larger loans at a lower rate because it does not conform to the requirements set by the major mortgage loan companies Fannie Mae and Freddie Mac.

Your loan is considered a jumbo loan if the loan amount exceeds the acceptable limit to be considered as ‘conforming’ to Fannie Mae and Freddie Mac guidelines.

What benefits do jumbo loans have?

  1. Jumbo loans can assist you in borrowing the money needed to purchase pricier properties.
  2. You can choose from a variety of different loan programs that may give you flexibility on your loan terms.
  3. You can borrow the full amount of money from one loan instead of having to break it up into two different loans for buying a higher-priced home. This may allow you to have better interest rates.

Eligibility

You may be eligible to qualify for a jumbo loan if you can meet these requirements:

  • Have a decent credit score (700 and above)
  • Have a low debt-to-income (DTI) ratio (under 43% at least)
  • Proof of accessible cash on hand

Why should you choose Mortgage Possible?

Our team offers a 24-hour loan center for future home owners who don’t have time to apply for a loan during regular business hours. We offer quick loan approvals and provide our clients with the best loan options for their needs and financial situations. Our team members are well-versed in Jumbo loan rules and requirements and will ensure you are knowledgeable about our mortgage process prior to committing to a loan.

For any questions about the Jumbo loan process or any of our other home loan services, give our team at Mortgage Possible a call to speak to a local team member who can answer all of your home loan questions. Contact Us Today!

How It Works

Step One

Use our online application to send in your request or contact our office via phone or email.

Step Two

Once your application is complete, we’ll take a look at your family’s financial situation and home loan needs and then pair you with a list of mortgage options.

Step Three

Review and discuss your loan options with your loan officer to make sure you choose the right loan for your needs.

Step Four

Once your loan is chosen and your application is accepted-you are ready to close!

Apply For a Jumbo Loan

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Apply For a Jumbo Loan

Get Started Today

Frequently Asked Questions

What does getting a mortgage involve?

First, you will need to submit a mortgage application with us, either in person, by phone, or using our easy-to-use online form, whichever makes you feel more comfortable. One of our licensed loan officers will get in touch with you and discuss your mortgage needs and objectives with you. Next, we will check your credit scores and request you to submit the necessary supporting documents so that we can verify your identity, the source of your income, and your current debt for underwriting purposes. An appraisal will also be performed on your selected property. Once you have submitted all the documents and your loan is approved with no outstanding items, we will then prepare the closing documents so that you can get ready to sign your loan package. After your loan is funded, you are on your way to move into your new home.

Does it cost anything to apply for a mortgage?

No, Mortgage Possible does not charge an application fee for you to apply for a mortgage.

How long does it take to close my loan?

Mortgage Possible has one of the fastest turnaround times in the industry, and we offer 20 day closings, but every borrower’s situation is different, and due to documentation requirements and varying response times from the borrower, the average time to close a loan may be higher.

What is a refinance?

A mortgage refinance refers to obtaining a new loan for the purpose of lowering your mortgage payments, converting your existing loan into a more affordable or manageable loan, or getting cash out on available equity on your home. There may be a minimum waiting period from the date you closed your previous mortgage, based on the type of refinance you are applying for. Mortgage Possible also recommends that you check with your existing lender regarding any prepayment penalties. There will be fees involved when refinancing your home, although you may have the option of rolling these costs into your new loan. Please call one of our licensed loan officers at  855.418.3362  to discuss whether a refinance is right for you.

What amount of down payment is required in order to obtain a mortgage?

Most types of mortgages require a minimum amount of down payment, except for VA and USDA programs. You may also be eligible for down payment assistance programs that can help you towards minimum down payment requirement on some of the loan programs. On Conventional Mortgages, your lender will require you to pay a Private Mortgage Insurance (PMI) premium as part of your monthly payments if you put down less than 20% of the purchase price of the property. There are government loan programs available with less stringent down payment requirements as well, such as an FHA loan that will require only a 3.5% down payment, but again, these programs also require mortgage insurance premiums. Finally, keep in mind that the amount of down payment you put down for a house will also affect your Loan-to-Value (LTV) ratio, which could then affect the amount of loan you are able to qualify for, or whether or not you will qualify at all.
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© Mortgage Possible by Sun West Mortgage Company, Inc. (NMLS ID 3277) All Rights Reserved. Please Click Here or refer to www.nmlsconsumeraccess.org to see where Mortgage Possible by Sun West Mortgage Company, Inc. (NMLS ID 3277) is a licensed lender and servicer. Although Sun West Mortgage is approved to conduct business in the state of New York, this website has not yet been approved by the State of New York Department of Financial Services. This site is not available for properties located in the state of New York. We are not accepting applications from Georgia or Massachusetts residents or purchasing mortgages secured by  Georgia and Massachusetts properties at this time. Please Click Here to view Texas Complaint Notice and Servicing Disclosure.
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