Ok, you are purchasing a home and you need to borrow more than $679,650.00. You are in Jumbo Loan territory, because Fannie Mae and Freddie Mac only buys loans with loan amounts less than that. These loans usually have tighter underwriting than conventional/conforming loans because the risk is greater. Typically the loan to value will be kept at a lower percentage as well, because quite frankly, if you are borrowing this much, you are kind of expected to have a strong financial picture and be of good risk to the lender. Each Jumbo lender has their own set of underwriting guidelines, and it is my job to pick the one that suits your needs best. Let’s go get that big house now!
Call Michael Mitchell, 530-406-2200 or 707-259-1117 or 707-337-5970 mobile.