Jumbo Loan in Texas

Explore the jumbo loan limit Texas offers for high-value properties. Flexible terms and competitive rates await!

What is a Jumbo Loan in Texas?

A jumbo loan in Texas is a mortgage that exceeds the conventional loan limits set by the Federal Housing Finance Agency (FHFA). These loans are designed for financing high-value properties and are not eligible for purchase by Fannie Mae or Freddie Mac. As a result, jumbo loans often have stricter requirements but offer a flexible solution for buyers seeking luxury homes or larger properties.

Benefits of Jumbo Loans in Texas:

Jumbo Loan Requirements

To qualify for a jumbo loan in Texas, borrowers must meet the following:

Higher Credit Score: Typically, a score of 700 or above is required.
Down Payment: Often 10-20% of the purchase price, depending on the lender.
Debt-to-Income (DTI) Ratio: Should generally not exceed 43%.
Loan-to-Value (LTV) Ratio: Determines the percentage of the property’s value financed by the loan (details below).
Significant Reserves: Borrowers may need to show several months of cash reserves.

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Types of Jumbo Loans in Texas

Fixed-Rate Jumbo Loans: Offer stability with a consistent monthly payment throughout the loan term.
Adjustable-Rate Jumbo Loans (ARMs): Feature lower initial interest rates that adjust over time based on market conditions.
Interest-Only Jumbo Loans: Allow borrowers to pay only the interest for an initial period, perfect for those seeking lower initial payments.
Cash-Out Jumbo Refinances: Enable homeowners to access home equity for investments or large expenses.

Jumbo Loan Interest Rates

Interest rates for jumbo loans in Texas are usually slightly higher than those for conventional loans due to the increased risk for lenders. However, with excellent credit and financial stability, borrowers can secure competitive rates.

Jumbo Loan Limit Texas Explained

The jumbo loan limit Texas is set at $726,200 for single-family homes in most counties. Loans exceeding this amount are classified as jumbo loans. However, this limit can vary in high-cost areas. Buyers should always verify the limits specific to their property location.

For detailed and up-to-date jumbo loan limits, visit the FHFA website.

Jumbo Loan Loan-to-Value (LTV) Ratio

The LTV ratio for jumbo loans typically ranges from 70% to 90%, depending on the lender and borrower qualifications. For example:

Pre-Qualify

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Ready to take the next step toward homeownership? Get prequalified for a jumbo loan limit Texas in just a few minutes. Discover how much you can invest in your future.

Discover your qualification amount in 10 minutes or less with our easy, online pre-qualification process.

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Count on us to guide you smoothly through the process, ensuring your loan closes on time, every time.

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How It Works

Jumbo Loan Approval Process

This process ensures you meet all requirements for jumbo loan approval and stay within the Texas jumbo loan limit for your purchase.

Step 1

Prequalification

Work with trusted jumbo loan lenders in Texas to review your income, credit score, and financial history. Meeting the jumbo loan limit Texas is essential to qualify.

Step 2

Document Submission

Prepare key documents such as: Tax returns and W-2s (last two years), Bank statements (last two months), Proof of assets or reserves, Credit report and employment verification

Step 3

Underwriting and Appraisal

Once you submit your loan application, the underwriting process begins. Lenders will evaluate your financial details and order a property appraisal to ensure the home’s value meets the loan requirements.

Loan Approval and Closing

After underwriting approval, finalize the loan details, sign the necessary paperwork, and officially close on your dream property. Congratulations—you’re ready to move into your new home!