Buying in a high-cost market often means seeking a loan that exceeds standard limits. These jumbo mortgages open doors to larger homes but carry stricter rules. With early planning and our assistance, you can meet those rules without compromising your lifestyle. Here is a straightforward game plan.
1. Know the Target Numbers
Jumbo lenders want higher credit scores and lower DTI. Ask your loan officer for the exact score and DTI each investor wants so you can set clear goals.
2. Beef Up Cash Reserves
Expect to show six to twelve months of housing costs in the bank after closing. Divert bonuses, stock awards, or tax refunds into a high‑yield account. Bigger reserves make your profile stronger during rate talks.
3. Trim Revolving Balances
A credit card with a balance above 30 percent of the limit can hurt your scores. Paying balances under 10 percent lifts scores and lowers required reserves. Start with the card carrying the highest rate.
4. Document Complex Income
Executives often have stock options or bonuses. Collect vesting schedules, bonus letters, and two years of award history. A diligent lender will package these papers to show stability, not risk.
5. Plan for a Bigger Down Payment
Jumbo programs typically require at least 10 percent down, with better pricing available at 15–20 percent. Review investment accounts early to decide which assets to sell, and confirm with a tax pro how sales may affect capital gains
6. Avoid Rapid Career Moves
Switching jobs within your field is fine, but making big leaps or taking long gaps draws extra scrutiny. If a career change is in the works, discuss the timing with your lender first.
7. Check Property Type Rules
Guidelines differ for condos, vacation homes and rentals. Confirm any additional reserve or appraisal needs at the start to avoid last-minute surprises.
Jumbo financing demands extra care, yet every requirement can be met with time, planning, and expert guidance. When you work hand‑in‑hand with us, we translate strict rules into clear action steps, smoothing the path to a luxury address that fits your life. Reach out early, follow the tips above and step into your new home knowing the numbers truly work for you.