Jumbo loans are available to buyers in the Madison, Wisconsin, area and are also known as non-conforming mortgages. Jumbo loans can be much more flexible for homebuyers than many people realize. Wisconsin jumbo loans typically have lower rates than many other mortgage options. Jumbo loans allow buyers to purchase a more expensive home with a loan amount above the conforming limit set by the Federal Housing Finance Agency. In most areas of the US, the conforming loan limit is $417,000. However, the limit is $625,500 in higher-cost areas like Los Angeles, New York City, and San Francisco.
Jumbo loans are a great solution for a Wisconsin homebuyer with a low debt-to-income (DTI) ratio and higher credit score, but without enough funds to bring the loan amount under the conforming limit.
To qualify for a jumbo loan, borrowers need to prove income and reserves to cover mortgage payments. When filling out your application, you will need to include recent pay stubs dating back at least 30 days, and W2 tax forms stretching back two years to prove income.
Self-employed borrowers will need to show two years of tax returns to support self-employment pay and at least 60 days of bank statements. 6 months of savings reserves to cover the new mortgage payments will also need to be supported.
To discuss why a jumbo home loan may be the perfect option for you, contact us today or,
"Just wanted to send you guys a quick email to thank you for making this the easiest mortgage loan application process I've ever experienced! I've worked with mortgage companies in the past and got hit with hidden fees I didn't expect. I want to thank you for being upfront with everything and for making this a simple and straightforward mortgage experience."
- Wayde E.