Jumbo Loan Options:

Key distinctions between jumbo and conventional loans include:

• Loan Limits:

  Jumbo loans exceed the conforming loan limits, which vary by location.

• Risk and Eligibility:

  Jumbo loans are considered riskier for lenders, so they typically have stricter qualification requirements.

• Interest Rates:

  Jumbo loans often have slightly higher interest rates than conforming loans due to the increased risk for lenders.

• Down Payment:

  Jumbo loans generally require a larger down payment, often ranging from 10% to 20% or more.

Qualifying for a jumbo loan typically requires a strong financial profile, including:

• High Credit Score:

  Most lenders require a minimum credit score of 700 or higher.

• Low Debt-to-Income Ratio (DTI):

  A DTI of 43% or lower is typically preferred, although some lenders may allow higher ratios with compensating factors.

• Significant Down Payment:

  Be prepared to make a down payment of at least 10-20% of the property value.

• Substantial Reserves:

  Lenders often require borrowers to have significant cash reserves after closing, typically covering several months of mortgage payments.

• Strong Income and Assets:

  Demonstrate a stable income and sufficient assets to comfortably afford the larger loan payments.

• Market-Driven Rates:

  Jumbo loan rates fluctuate based on market conditions and your individual financial profile.

• Compare Rates:

  It's essential to shop around and compare rates from multiple lenders to secure the best deal.

• Consult a Mortgage Professional:

  A mortgage advisor can help you understand current rates and find the most competitive options.

Application Process:

• Contact a Lender:

  Choose a lender experienced in jumbo loans, like The Onyx Group.

• Gather Documentation:

  Prepare income verification, asset statements, employment details, and credit history.

• Get Pre-Approved:

  Obtain a pre-approval letter to strengthen your offer and understand your purchasing power.

• Complete the Application:

  Provide all necessary information and documentation to your lender.

• Underwriting and Approval:

  The lender will review your application and make a decision.

• Closing:

  If approved, you'll finalize the loan and sign closing documents.

Your Trusted Partner:

• Expertise in Jumbo Lending:

  We have extensive experience in navigating the complexities of jumbo loans.

• Personalized Service:

  We provide tailored guidance and support throughout the loan process.

• Competitive Rates & Terms:

  We offer competitive jumbo loan rates and work with you to find the best possible terms.

• Streamlined Process:

  We leverage technology and expertise to make the loan process efficient and stress-free.

• Commitment to Your Success:

  We're dedicated to helping you achieve your homeownership goals, even with a high-value property.