Reserves vs. credit scores for jumbo mortgage

Is there a way to take your fiance of the loan? If so then you will have no issues at all qualifing for the best programs and rates on Jumbo loan products. If that is not an option then the assets will provide a compensating factor but will not offset the low credit score. With a 690 mid you will still be able to qualify for 90% loan to value depending upon how large your jumbo loan amount will be. My suggestion is to get will a trusted mortgage banker or broker to find out all the options available to you! Good luck!

hi: credit scores usually will determine your best rate. Reserves for jumbos are definitely a requirement by most lenders I know of and confirms the file to be stronger and less risk for banks when underwriting. Any questions, please call me to discuss your scenario..Federally chartered bank here specializing in Jumbo rates here. (Mike 703 505 5300)

Hi Robert, a conventional jumbo loan will require a minum 720 credit score. An FHA jumbo will require a minimum 660 credit score. I have closed many fha jumbo loans and sounds like you would have no problems qualifying for that. If we can do a 15 year with 20% down there is no pmi. Any loan term other than that would require FHA's monthly insurance premium presently set at a factor of 1.0%. Please contact me if you have any questions or would like to learn more about the fha jumbo. thanks. http://www.jumbo-mortgage-rates.us/