How To Get The Best Texas Jumbo Mortgage for Your Luxury Home

By
Mortgage and Lending with Service First Mortgage, NMLS #166487 NMLS 217454

A jumbo loan is defined as a loan whose loan amount exceeds the Fannie Mae conforming loan limit. In Plano Texas, the conforming loan limit is $417,000.  The Richard Woodward Mortgage Team is well versed in handling the special needs of luxury home buyers.  Buyers will receive the concierge service one should expect from a top Plano Texas mortgage professional. Discriminating luxury home buyers can rest assured that selecting The Richard Woodward Mortgage Team to handle your jumbo mortgage needs is always the right choice.  

 

Give us a call or email us today to discuss jumbo options available. We offer jumbo mortgages up to $3,000,000.

  • 15 Year Fixed
  • 30 Year Fixed
  • 3,5,7,10 Year ARM

Receive the best loan options in the market today with as little as 10 percent down payment depending on the loan size. All loans require full documentation of the last 2 years income with W-2's and Tax Returns.  

Need a larger loan with a smaller rate and lower payments? Finding the right Jumbo Loan can be difficult. Let the experts at Interlinc Mortgage do the work for you. Purchasing or refinancing? We can help you with fixed and variable rate Jumbo loans for mortgages that exceed Fannie Mae or Freddie Mac conforming loan limits.

 

Why choose a Texas Jumbo Loan through Interlinc Mortgage?

Our experienced loan agents can quickly help you find the loan that is right for you.

No Mortgage insurance with 10% Down up to $750,000

Primary home loans up to $3,000,000

Vacation home loans up $1,500,000

Condo home loans up to $1,000,000

Investment property loans up to $1,000,000

No adjustment to price/rate for vacation or investment properties or loans up to $1,000,000

1st and 2nd combo loans up to $1,500,000

Down payment funds can come from various sources if 85% CTLV or less

Jumbo loans with a minimum 620 credit score

 

 How We Make Qualifying Easier

 

Self‐Employed Highlights

  • Self‐Employed only needs one year on the job, as long as customer’s previous work history was in same line of work or formal education/training in the same line of work
  • Utilize 2 year average of self‐employed and commission income with less than 25 % decrease
  • Customer changing from W‐2 to 1099, with same company, will be considered if in same line of work
  • Mortgage payments paid by a business may be excluded if proper verification is provided

Commission and Bonus Income Highlights- Most lender require 2 full years.

  • Commission income may be used if on the job 1 year or more, but less than 2 years
  • We can consider using overtime, Bonus, or Commission with less than 2 years at current employment if borrower has changed jobs in same line of work
  • Declining bonus income may be used with a 2 year average, with a less than 20% decrease in current year
  • If bonus income has declined by more than 20%, a 3 year average may be used
  • Projected adjustments such as raises & bonuses may be included in income

Purchase program Highlights

  • Rental income may be used on property being purchased if meets guidelines
  • Income for New job / Relocation may be used before start date ‐ within 60 days of new hire date w/non‐rescindable contract

Other Income Highlights

  • 401K loans excluded from DTI
  • Gaps in employment may be acceptable with letter of explaination
  • Part‐Time income may be used less than 2 years, with documentation of good continuance
  • Alimony is taken away from gross income and is no longer treated as a liability
  • Co‐signed debt on auto, student loans, and mortgages may be excluded if proper verification is provided
  • Retirement income – Anyone age 59.5+ can utilize 70% of balance, for depletion of asset income, on a retirement account over term of loan (same account can’t be used for reserve requirement on loan)
  • Foreign income now used
  • Rental income on properties recently purchased or after the last tax return was filed may be considered
  • Boarder income may be used if on tax returns
  • DTI is now raised up to 43% on any loan with 80.01% ‐ 90.00% LTV

 

We make it easy to get started.

Get started online or call us at (888) 419-0706.  

 

Richard Woodward, NMLS 217454

Your Local, Direct, 5 Star Rated Mortgage Lender

Office:  (214) 945-1066  www.MortgageProsUs.com

Interlinc Mortgage Services, LLC., NMLS 205696

7711 San Jacinto Place, Ste 100 Plano, Texas 75024

 

Licensed by the Texas Department of Savings and Mortgage Lending (SML) Mortgage Banker Registration. InterLinc is an Equal Housing Lender. This is not an offer of credit or commitment to lend. Loans are subject to buyer and property qualification. Rates and fees are subject to change without notice.

Disclaimer:  Loan underwriting requirements are subject to change at any time.  Additional requirements or conditions may be applicable based upon a particular borrower's credit or financial profile.

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Topic:
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Richard Woodward NMLS#217454

Service Beyond Expectations! Your Texas Lender
7711 San Jacinto Place, Ste 100 Plano, Texas 75024
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