Loan programs / Jumbo Loans in Kansas City
Jumbo Loans in Kansas City
A jumbo loan is a mortgage above the conforming loan limit. Guidelines are tighter, and lenders differ a lot, which is where shopping helps.
How jumbo loans differ
- Larger loan amounts than conforming loans
- Stricter credit and debt-to-income guidelines
- More documentation and sometimes a second appraisal
- Reserve requirements that vary by lender and loan size
- Primary homes, second homes and some investment properties depending on the lender
FHFA sets the conforming limit each year. I will confirm the current limit for your county before we talk numbers.
Why a broker helps
Jumbo guidelines change from lender to lender. One may want six months of reserves. Another may want twelve or accept lower credit. I compare my lenders for your file so you are not guessing. See how a broker compares to a bank.
What to bring
- Two years of W-2s and tax returns
- Recent pay stubs and bank statements
- Statements for retirement and investment accounts
- A list of debts and any rental properties you own
Common questions
Can I put down less than 20% on a jumbo?
Some lenders allow it. Terms depend on credit and loan size. Ask me what fits your file.
Do I need two appraisals?
Sometimes, depending on the loan amount and lender.
Told no somewhere else? Call me.
I can’t promise a yes, but I’ll look at every option. Call or text, or meet in person.