JUMBO LOAN Program

Just like traditional mortgages there are minimum requirements for a jumbo loan programs, to get approved, you will need a stellar credit score 700 or above and an extremely low debt-to-income ratio. The DTI should be under 43% and preferably closer to 36%. Although they are nonconforming mortgages, jumbos still must fall within the guidelines of what the Consumer Financial Protection Bureau considers a qualified mortgage.

You will need to prove you have accessible cash on hand to cover your payments, which are likely to be extremely high if you opt for a standard 30-year fixed-rate mortgage. Specific income levels and reserves depend on the size of the overall loan, but all borrowers need 30 days of pay stubs and W2 tax forms stretching back two years. If you are self-employed, the income requirements are greater: Two years of tax returns and at least 60 days of current bank statements. The borrower also needs provable liquid assets to qualify and cash reserves equal to six months of the mortgage payments. And all applicants must show proper documentation on all other loans held and proof of ownership of non-liquid assets like other real estate.