06 Feb Jumbo Loan Rates for St. George, Utah

In today’s world many affluent consumers would assume that they automatically qualify for a jumbo mortgage. In spite of having high incomes and lots of assets, some still face challenges when trying to qualify. 720 is a typical credit score required of most lenders for jumbo loan rates in St George, Utah.  Scores below this can pose challenges for borrowers.

New credit-reporting information may be benefit borrowers
Fannie Mae has recently added “trended credit-data reports” to its automatic underwriting system.  This new format will give the lender increased information, allowing them to make better judgement on how borrowers use credit cards. The information includes the scheduled payment and the actual payment amounts such as paying off balances in full monthly or whether just the minimum payments are made.  It is important to remember that this won’t change the scoring method of the credit report and the reports will still state the outstanding balance of accounts, such as credit cards, mortgages and student loans.

Here are two key points that can help borrowers with their credit before they purchase or refinance:

Pay credit card payments on time
Pay the balance off monthly

So if you are looking for a jumbo Loan and are living in the St. George, Utah area then look no further than Shilo and the Z Mortgage Team.   We are your St. George, Utah area home loan experts.

Jumbo Loan Rates for St. George, Utah