Ready to go big and go home with a Jumbo Loan? The following steps can help you acquire your jumbo loan in Michigan.
With any home loan, a talking with a Loan Officer is often the first and only step to getting started.
1. Make sure you meet the Jumbo Loan Requirements
A minimum credit score of 680, along with a healthy debt-to-income ratio are essential to a smooth deal! Also, make sure you have a down payment of at least 5% of your purchase price, and an adequate nest egg for 6-12 months of cash reserves. For understanding more about your mortgage credit score, check out this Treadstone resource and the provided Treadstone article on tips for How To Improve Your Credit Score. To help further brainstorm your loan goals, use this Loan Goals worksheet with your Loan Officer to consider your home loan concerns and values.
2. Collect your documents
To submit an application, there are three major document types that we’ll need. Those are proof of income, assets, and identity. Everything from paystubs, to bank statements, to your drivers license will likely be requested by your Loan Officer when you first start the process.
3. Discuss Your Mortgage Options with Treadstone
Connect with one of our Loan Officers to help you review your financial status and make a plan!
Your Loan Officer can also spot things that might not be obvious, like locked credit or income eligibility. If you fall short on any of the requirements, we’ll make a detailed plan to get you back on track.
4. Submit an application
Once you’re ready with a plan, you’ll need to submit an application! The easiest way to do this is online or over the phone. This way, we’ll be able to issue a pre-approval if you qualify. You can even start one now, if you’d like!
*Terms quoted are for illustrative purposes and are subject to change without notice. Please contact a Loan Officer for terms available to you.