We Provide Jumbo Loans In Kentucky & Indiana
Some buyers just want or need a bigger home with more space and amenities. You’ve worked hard in your profession and diligently worked your way to the top. It’s only natural for you to want to enjoy the fruits of your labor. But sometimes getting a financial institution to back you on getting into the home you want and deserve can be a bit of a challenge. We’re here to help you past that with years of experience in getting our clients through the difficult maze of obtaining Jumbo Mortgage Loans.
Conforming loans top out at $417,000 for single family homes and sometimes this isn't enough to get you into the home that you want to be in. Anything over that amount classifies as a non-conforming loan, or what's more commonly referred to as a Jumbo Loan, or Jumbo Mortgage. Currently all counties in the state of KY have a set limit of $417,000 for single family residence homes. Anything over that falls into the non-conforming or “JUMBO LOAN” category. And if you hit this financial borrowing wall? We're here to help you get through it.
Typically jumbo loans have more stringent requirements that a buyer has to meet to qualify. After all taking a monthly payment on a loan over 420K is a very big step. Typically applicants will need:
What does it take to qualify for a Jumbo Loan?
- A solid payment history on previous loans
- A larger than normal down payment
- A higher than average credit score
- A low debt to income ratio
- A verifiable income and income history
- Higher than average earnings
- Financial reserves, savings, and verifiable emergency funds