Jumbo Loans: It’s a whole new world (again)

/ / Loans

Changes to guidelines for jumbo loans ought to get your attention if you’re a real estate professional in metro New Orleans.

But unlike most of the news over the last 10+ years in lending, these jumbo changes represent GOOD news for borrowers & real estate professionals.

Most people think you need a 740 score & 20% down to get a jumbo loan. Those days are OVER (for now).

New, expanded jumbo loan guidelines include:

  • Lower down payments/higher LTVs up to 90%
  • Piggyback options for the 1st & 2nd
  • Lower credit score requirements (down to a 580)
  • “Alt A” guidelines including bank statements for income documentation
  • Expanded debt ratio guidelines (up to 50%)
  • Non-owner options

Take a Breath & Let’s Talk

There’s no doubt this news generates some excitement locally as jumbo loans are big opportunity in metro New Orleans & the Northshore.

Being in the business as long as I have, you learn to take these announcements with a grain of salt. This isn’t the first time we’ve seen expanded jumbo loan guidelines.

HOWEVER, it is the first time we’ve seen expanded jumbo guidelines IN YEARS, and your buyers are hearing about them. So let’s make sure they hear about them from you and not someone else first!

Let’s have a cup of coffee and I’ll fill you in on the details about these programs. That way you can roll out the ones you’re confident about and use them to help build the kind of business you want!