I am a former Firefighter/Paramedic. Over the last 20-years, I have helped about 1000 families buy or refinance their homes. Jumbo Loans are strange animals with guidelines that are much different than regular loans, so you don’t want some rookie OR big bank Loan Officer screwing it up and you end up losing a house that you really wanted. Be assured that when I sign my name to a pre-approval, I have thoroughly reviewed your file.
(If you read through this entire page, you will have a good grasp of how Jumbo loans work)
Loans over $625,000 in Nevada and over $822,375 in other areas, such as Orange County, Alameda, Contra Costa, Los Angeles, Marin, are considered to be non-conforming, aka “Jumbo”.
*Minimum credit scores vary with suite of Jumbo investors BUT typically you need at least a 660 bare minimum middle score.
* Part of the down payment can be a gift with some Jumbo programs but borrower must have 5% of their own money.
* 3-20 months (depending on loan amount) of the new payment amount must be in one of your accounts at close of escrow. “Reserves” can be held in a bank, stock, or retirement account.
Assets for Reserves:
* You get credit for 100% of cash and cash equivalents, such as bank accounts
* You get credit for 70% of face value of for non-retirement asset accounts
* You get credit for 60% of retirement assets if Applicant is under 59.5, 70% if over
Non-Occupant Co-Borrowers may be allowed on Jumbos but must be immediate family members. They are not allowed on HELOCs.
DTI (debt to income) Ratio – Standard max is 43%. DTI’s greater than 43% and up to 50% may be considered with compensating factors, such as extra reserves, your new payment is no more than 10% higher than current payment/rent, 3 years or more with current employer, high credit scores. Think of compensating factors like “extra credit” in school.
Borrower Eligibility: Only U.S. Citizens and Permanent Resident Aliens
Property Flipping – A property flip occurs when the seller acquired the property within 180 days. This is case by case so ask me about this.
**** Bank Statement Loans are available with 10% down for those who write-off a bunch of stuff on their tax returns but have good cash flow.
**** Renovation loans and Foreign buyer/ITIN loans are available.
Confidential, secure and discrete application process.
Senior Loan Officer
All Western Mortgage
(established in 1981)
“Dan The Loan Man”
702-326-7469 talk/text every day
Dan’s Licensing: NV MLD 45649, CA-DBO313289, CO-100516554 NMLS 313289
All Western Mortgage, 8345 W Sunset Rd Ste 380. Las Vegas, NV 89113
702-326-7469- TALK OR TEXT | | 702.369.0905 – Switchboard (Ask for Dan)
Company NMLS# 14210, NV Division of Mortgage Lending Lic# 204, Arizona Lic# 0923280, Licensed by the CA Dept of Corporations Lic# 603F053, CA Dept of Real Estate Lic# 01893025, CO Division of Real Estate, Florida Lic# MLD895, NM Financial Institutions Division Lic# 03619, UT Division of Real Estate Lic# 7776975,
OR Dept of Consumer & Business Services Lic# ML-4924, TX Dept of Savings and Mortgage Lending – Consumer Notice, WA State Dept of Financial Institutions Lic# CL-14210.