Big News on Jumbo Financing
Big news was announced in the mortgage industry last week that is enabling more buyers to jump into the housing market.
The Consumer Finance Protection Bureau removed the qualified mortgage debt-to-income cap of 43% on Jumbo Loans. This is a long-overdue change and GREAT NEWS! Moving from a 43% to 50% debt-to-income ratio on Jumbo Loans has instantly increased the pool of homebuyers across the luxury market, allowing them to qualify and obtain the lowest interest rates.
Many banks have not put this new ratio into effect, but San Diego Funding has already closed two loans with ratios over 43% and has more in process.
If you were unable to qualify previously, now is the time to jump back in! Contact one of our loan officers today. We have several new loan products available to help you purchase now.