Client with a 679 credit score secures jumbo loan to buy home

Loan officer: Alex Greer. Property type: Single-family residence in Sunnyvale. Appraisal value: $1.875 million. Loan type: Jumbo 30year fixed. Loan amount: $1.5 million Rate: 5.875 percent. Backstory: With Bay Area home prices well above conventional loan limits, the average resident is left with only one option when it comes to purchasing a home. That option is the dreaded jumbo loan and all of the strict underwriting requirements that come along with it.

The most common requirement that a lot of potential borrowers have difficulty meeting is the 700 minimum credit score — or with some lenders, it is 720.

In this scenario, the borrowers were a referral from a preferred real estate agent and came to Alex Greer well qualified for a jumbo purchase. When the time came, their credit score came in a good amount below that 700 minimum score requirement a vast majority of lenders have.

Fortunately, the Mortgage Outlet has a specific jumbo loan tailored to Bay Area home buyers with sub-700 credit scores. This program allows for loans all the way up to $1.5 million at 80 percent loan-tovalue on credit scores all the way down to 661.

With a solution in hand, the borrowers forged ahead and found a home in Sunnyvale. The purchase loan was submitted, and 15 days later, the loan was clear to close. The borrowers are now proud owners of a home where they can settle down and grow their family. Alex Greer, the Mortgage

Outlet, (408) 352-5147, agreer@themortgageoutlet.com