Moving Family Forward

Jumbo Loans in Birmingham, Huntsville & Mobile

A jumbo loan is a mortgage used to finance properties that are too expensive for a conventional conforming loan. Weber Mortgage is the most reliable mortgage company to provide superior jumbo loan services in BirminghamHuntsvilleMontgomeryMobile, and other cities within our Alabama service area.

Since 1999, Weber Mortgage has earned a first-class reputation among its clients. Our experts offer superior rates and services for VA, FHA, conventional, non-qualifying, and other types of home loans. From the first contact to the final closing, your biggest investment is our priority. We make your home loan process clear and straightforward.

Qualifying for a Jumbo Loan with Weber Mortgage

Underwriting criteria for jumbo loans are stricter because the loans are larger and riskier for lenders. The factors include:

Qualifying for a Jumbo Loan
  • Credit Score: Lenders may require your FICO score to be higher than 700, and sometimes as high as 720, to qualify for a jumbo loan.
  • Debt-to-Income Ratio: Lenders will also consider your debt-to-income ratio (DTI) to ensure you don’t become over-leveraged, though they may be more flexible if you have plentiful cash reserves. Some lenders have a hard cap of 45% DTI, however.
  • Cash Reserves: You’re more likely to be approved for a jumbo loan if you have ample cash in the bank. It’s not uncommon for lenders to ask jumbo loan borrowers to show they have enough cash reserves to cover one year of mortgage payments.
  • Documentation: To prove your financial health, you’ll need extensive documentation, perhaps more than for a conforming loan. You should be prepared to hand over your full tax returns, W-2s, and 1099s when applying, in addition to bank statements and information on any investment accounts.
  • Appraisals: Some lenders may require a second home appraisal for the property you’re planning to purchase.

Why Choose Weber Mortgage for a Jumbo Loan in Hoover & Birmingham?

It’s human nature to build a family and every family dreams to have its very own home. Therefore, it’s only natural that professionals with a family-oriented perspective will realize the true passion for every person seeking a home loan. Weber Mortgage is a family-owned company and we know how important it is for you to find the most suitable loan & home that not only meets your desire but also takes care of your financial status.

Contact us today or call us at 205-751-8583 to take the first step in making your dream of home-ownership come true. Our services are available in Gordon, Hackleburg, Furman, Jemison, Kellerman, and other places throughout the Alabama state.