Jumbo loans – sometimes called “California loans,” because they’re often used to purchase super-expensive homes in the Golden State – are similar to traditional loans, except the loan amount is above the industry-standard definition of conventional loan limits. In other words, they’re big.
These loans often require a slightly higher down-payment, usually an additional 5 percent above down-payments for similar program types (although, in some cases, jumbo loans can be secured with down-payments as low as 3.5 percent).
Jumbo loans are common and reasonably easy to obtain, as long as the borrower meets credit history and income guidelines. Hartford Funding features fixed-rate, adjustable-rate and interest-only jumbo loan options.
Generally, to be eligible to apply for an FHA loan, you must:
Have a valid Social Security number
Have lawful residency in the U.S.
Be of a legal age to sign on a mortgage in your state
Hartford Funding will also verify income, assets, liabilities, and credit history for all parties on the loan, and a non-occupant co-borrower is permitted.
To qualify for a Jumbo Loan, applicants must meet specific employment, credit and income criteria, including the following conditions:
Steady employment history.
Consistent or increasing income over the past two years
Any Chapter 7 bankruptcy on record must be at least two years old with good credit for the two consecutive following years.
Any Chapter 13 bankruptcy on record must be in good standing for one (1) year with trustee permission to enter into new debt
Any foreclosure must be at least three years old
FHA mortgage payment of no more than approximately 31% and total debt to income of approximately 43% of applicant's total monthly gross income
Loan limits are dependent upon state. General limits vary from $417,000 to $1.8 million. Limits increase with multi-family units.
How can the FHA help me buy a house?
FHA understands that many homebuyers may have had some financial problems in the past or don't have a lot of money saved. That doesn't mean you can't buy a home. Because FHA insures your mortgage, lenders may be more willing to give loans with lower qualifying requirements, making it easier for you to qualify (or get approval). Even if you have had credit problems such as bankruptcy, it may be easier for you to qualify for an FHA loan than a conventional loan. FHA has a low 3% down payment requirement, and that money can come from a family member, employer or charitable organization. Many other conventional loans don't allow this.
Hartford provides low rates whether you're buying a home, refinancing or looking for a home equity loan or home equity line of credit. We're considered one of America's fastest-growing and best-managed mortgage banks. Through 15 years of happy clients, our attitude is still "we've got a lot more to do". We continually strive to improve the quality of our service, financial products, and your borrowing experience. When you need a customized loan, think Hartford First.
Approval Decision on the phone in minutes
Your mortgage consultant has the ability, at his or her fingertips, to provide you with a conditional approval decision in just in minutes during your very first phone call.
Close Fast And On Your Schedule
The loan process is easy and convenient as possible for you. We close most of our loans in under 30 days - with many able to close in as few as 10 or 15 days. We'll do all we can to ensure you close on your timeline and hold the closing on a date that works best for you.
Mortgage Consultants Available 24/7
Hartford Funding mortgage consultants are available to you-live and on the phone- 24 hours a day, 7 days a week. So whenever it's most convenient for you to apply, find out more information, and whenever you have questions about a loan in progress - your answers are just a quick phone call away.
Jumbo Loan