Jumbo Lending in Brentwood, TN
Looking for a Jumbo Loan in Brentwood TN? First off let’s identify what a Jumbo loan in. For the Nashville MSA it is a loan amount greater than $417,000. Can a jumbo loan be had? Yes it can. The credit qualifications are a little higher and it requires a larger down payment.
Generally speaking you can go 90% loan to value (LTV) up to $650,000 with a minimum credit score of 700. 80% LTV to $1,000,000, credit score 700. 75% LTV to $1,500,000, Credit score 700 and 70% LTV up to $2,000,000. This requires a credit score of 720.
Jumbo loans also have reserve requirements of up to 10% of the loan amount. This is liquid or semi liquid assets. There is a maximum Debt to Income ratio of 45%.
If you are interested in a Jumbo loan in Middle Tennessee please call Lee Barroll at 615-243-1301 or www.leebarroll.com for a consultation on qualifications and rates.