Do you qualify for a jumbo mortgage?

According to this well-written short piece on the state of the jumbo home loan market in the United States;

To qualify for a jumbo mortgage today, you should expect:

To make a down payment of at least 20 percent for a purchase (or have at least 20 percent equity in a refinance).
To document your income.
To get an adjustable-rate loan, because fixed-rate jumbos are relatively rare.
For your monthly mortgage payment to be no more than 38 percent of your income before taxes.

November 16, 2009 by Realtor John Wake

About The Author

John Wake

Born in Phoenix, trained as an economist and now a licensed Realtor, John uses hard data from the real estate market to help his clients -- buyers and sellers of residential real estate -- uncover their best choices for finding the right home or finding a buyer for their current home.

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