¿Qué es un Préstamo Jumbo en Texas 2023?

When it comes to purchasing a home, buyers may find it difficult to find financing beyond the conforming loan limit. If this is the case, you may need a jumbo loan.

¿Qué es un préstamo jumbo?

A jumbo loan is a type of mortgage that’s designed to help you finance the purchase of a home that exceeds the conforming loan limits set by the Federal Housing Finance Agency. In Texas, this type of loan is often needed for high-end homes or properties located in expensive housing markets like Dallas. With a jumbo loan, you can get the financing you need to buy your dream home, even if it’s more expensive than what a traditional mortgage can finance.

If the loan amount needed to buy the home is more than the conforming loan limit, you’ll need a jumbo loan. But because of the larger loan amounts and increased risk for lenders, Texas jumbo loans often come with higher interest rates and stricter requirements than conventional loans. For instance, a larger down payment and a higher credit score may be required to qualify for a jumbo loan.

What is the jumbo loan limit in Texas?

In Texas, the conforming loan limit is $726,200 across all counties. So, for example, if you’re buying a home in Harris County, donde el precio de venta medio es de $312,000 726,200, un límite de préstamo superior a $XNUMX XNUMX se consideraría un préstamo jumbo.

As a reminder, the loan amount is what determines whether or not you’ll need a jumbo loan, not the price of the home. So, if you were to put $100,000 down on a $780,000 home in Cypress, the loan would be $680,000, which is under the conforming loan limit for this area. In this case, you would not need a jumbo loan.

For more information on the conforming loan limit in your county, refer to the Mapa FHFA. 

What are the requirements for a jumbo loan in Texas?

To qualify for a jumbo loan in Texas, borrowers must meet stricter requirements than they would for a conforming loan. Each lender may have different requirements or processes, but below are the typical requirements for borrowers seeking a jumbo loan.

Puntaje de crédito más alto: In order to be eligible for a jumbo loan in Texas, lenders generally expect homebuyers to have a credit score of at least 720. While some lenders may consider a score as low as 660, a credit score of less than that is typically not accepted.

Pago inicial más grande: Jumbo loans usually require larger bajo pago than conventional mortgages. Generally, lenders require a down payment of at least 20% of the home’s purchase price to qualify for a jumbo loan. However, some lenders may require a higher percentage, depending on the borrower’s creditworthiness and overall financial situation. Don’t forget that larger down payments can help to reduce monthly mortgage payments, as well as overall interest costs over the life of the loan.

Más activos: Para calificar para un préstamo jumbo, los prestamistas requieren que los prestatarios demuestren que tienen suficientes activos líquidos o ahorros para cubrir al menos un año de pagos del préstamo. La cantidad exacta de activos necesarios puede variar según el prestamista y el tamaño del préstamo, pero tener más activos puede aumentar las posibilidades de aprobación y potencialmente conducir a mejores términos y tasas de interés.

Menor relación deuda-ingreso (DTI): When applying for a non-conforming loan, Texas lenders typically look for a borrower with a relación deuda-ingreso (DTI) por debajo del 43%. Idealmente, se prefiere un DTI más cercano al 36% o inferior. El DTI se calcula dividiendo la suma de todos los pagos mensuales de deuda por el ingreso bruto mensual. Un DTI más bajo significa la capacidad del prestatario para administrar su carga de deuda actual mientras asume pagos hipotecarios adicionales. También indica una mayor estabilidad financiera y la capacidad de realizar pagos a tiempo para su préstamo jumbo.

Tasaciones adicionales de viviendas: A tasación del hogar is required whenever a homebuyer receives financing for their home purchase. However, for jumbo loans, your lender may require an additional appraisal.

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• Fuente: https://www.redfin.com/blog/what-is-a-jumbo-loan-in-texas/