Silex Premiere is our exclusive jumbo loan product designed to finance luxury properties and homes in this highly competitive local real estate market.
WHAT IS A JUMBO MORTGAGE?
A jumbo loan is a type of financing that exceeds the limits set by the Federal Housing Finance Agency and cannot be purchased, guaranteed, or securitized by Fannie Mae or Freddie Mac.
JUMBO LOAN REQUIREMENTS
Because jumbo loans aren’t backed by the government, lenders are taking on more risk when they offer this type of loan. Know that you’ll need to meet some minimum requirements in order to qualify, including:
- Proof Of Income: Come prepared with two years worth of tax documentation or similar paperwork to prove that you have a reliable, consistent source of income.
- Credit Score & History: The higher, the better. There’s a very low probability that lenders will approve you for a jumbo mortgage if your credit score falls far below 700.
- Assets: In addition to showing enough money for down payment and closing costs, you will also need to show sufficient reserves for future payments.
JUMBO LOAN BENEFITS
Selecting Silex Premiere’s Jumbo Mortgage Program will provide you with many benefits including: