If you’re shopping for your first home loan in Houston, Cypress or another community the surrounding region, you know very well that many home prices may require that you borrow money which exceeds the conforming loan limits set by Fannie Mae and Freddie Mac.
As a first-time home buyer, you may have a lot of questions about qualifying for jumbo loan. Do you really have a shot at applying for the jumbo mortgage successfully? If so, how can you maximize your chances of approval?
It can potentially be more challenging to qualify for jumbo loan as a first-time home buyer because you may not be as financially established as you would be as a repeat homebuyer.
But it is certainly possible to be approved for competitive jumbo loan. Here are some recommendations.
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• Start saving up cash as early as possible. Your aim should be a minimum of six months of cash reserves. Try to make it a year of cash reserves if you can.
• Be smart about credit use. First-time homebuyers often do not have perfect credit scores. To try to raise yours and/or keep it as high as you can, follow best practices. These include making on-time payments, not utilizing a large percentage of your available credit, opening and closing new accounts only when appropriate, and double checking your credit reports for accuracy.
• Keep expenses as low as you can. Your starting salary probably will not be as high as you can expect your salary to be when you become more established in your profession. While you may not be able to raise your income right now, you might be able to lower your expenses. Look for clever ways to make your bills as low as possible. This will improve your debt-to-income (DTI) ratio even while your salary remains the same.
• Choose a competitive mortgage company. Many homebuyers considering a jumbo loan believe that they will have to pay a higher interest rate than they would on a conventional loan. This is not necessarily true if you go through the right jumbo loan company in Texas.
We Can Help You Apply for Your First Jumbo Loan in Texas
Texas Property Lending has extensive experience helping both first-time homebuyers and repeat homebuyers with jumbo mortgages. If you are ready to apply for a competitive jumbo loan with affordable interest rates today, please call (346) 708-5626.