Now-a-days Lenders are offering more straightforward deals and requiring their borrowers to meet these updated standards:
Now lenders are back to what they used to be known for: scrutinizing credit scores. Out of a perfect score of 800, borrowers in the jumbo market must generally have a score of at lest 660, up from 560 since August.
Lower Debt Service Ratios
If your credit card debt, student loans, car loans and would-be mortgage payments come to more than 40%, your application will most likely be a bust.
Prove Your Income and Assets
Be prepared not only for requests for documentation from your employer, but also for records of all savings and investment financial accounts.
Generally, you can't get away with putting nothing down these days. Figure on at least 5%, and up to 20% depending on your profile."You can also forget about taking out a second loan for the down payment.