We make qualifying for a large loan straightforward, fast, easy.
At Bank of England Mortgage New Orleans, our specialty is funding the dream of homeownership - no matter the size of the loan or dream - for that matter. That's why we created our jumbo mortgage lending program - a full suite of offerings designed with the needs of borrowers that seek larger loan amounts than were available through traditional lending options.
Why would I need a jumbo mortgage loan?
If you are seeking a loan amount in excess of $453,100, then you need a jumbo mortgage loan. Each year, Fannie Mae and Freddie Mac , two government sponsored enterprises, set loan maximums. When loan amounts exceed their limits - the borrower is purchasing a jumbo mortgage loan.
How much money can I be approved for with a jumbo mortgage?
Depending on the borrower's financial profile, you can qualify for $453,100 to $1,500,000.
What kind of credit score do I need in order to qualify for either an interest-only jumbo mortgage or jumbo mortgage?
That depends on the type of loan. For instance, a minimum credit score of 620 is required for a full documentation loan. A score of 660 is required for an interest-only loan, while a score of 680 for an interest-only jumbo mortgage.
Our Loan Specialists are trained to work with you to determine if you qualify for a jumbo mortgage.