Do You Qualify for a Genuine Jumbo Loan?

West Gate Bank is where local meets luxury. Our commitment to customers goes beyond traditional banking services, as we are constantly thinking of ways to improve the customer experience. We continue to innovate and expand our offerings and are proud to now offer jumbo loans for qualified buyers.

At its root, jumbo loans are mortgages that exceed conforming loan limits. In most counties, conventional conforming loans are $647,200 or less, according to the Federal Housing Finance Agency (FHFA). A jumbo loan is for properties that require financing which exceeds the local conforming loan limit.

Also referred to as non-conforming conventional mortgages, jumbo loans are less common in the marketplace with fewer options available for the consumer. Jumbo loans can’t always be guaranteed, and lenders are put in a vulnerable position, unprotected from losses if a borrower fails to pay. Jumbo loans often have varying terms between lenders as well as different requirements for borrower qualification. 

Underwriting criteria for jumbo loans are strict, and you may be wondering, “What does it take to qualify?” First, lenders may require your FICO credit score to exceed the standard scores allowed for conventional financing. You will also need to consider your debt-to-income ratio.  Documenting income to support the ratio requirements of the loan will be necessary. Cash reserves and liquidity are also helpful in the approval of any jumbo loan. Sufficient liquidity can serve as a positive attribute during underwriting and may even be an option for income if qualified.  Be prepared to prove your financial health through tax returns, W-2s, 1099s, and bank statements. Occasionally multiple appraisals are required. This generally has to do with the overall value or uniqueness of the subject property.  

West Gate Bank is dedicated to serving our clients in their mission to find reliable and affordable financing for their next home. Our jumbo solution was developed with that in mind. Rest assured that our team of local experts will help you find financing that fits your plans, no matter how standard or grand. Learn more about our services and offerings at

More stories like this one can be found at Our Business.

Leave a Reply