Students Loans and How They Impact You Getting a Jumbo Loan! Jumbo Mortgage Loans Explained 👍 - YouTube

We are at the tail end of student loan week so we've done fannie mae freddie mac

Uh va fha how they all look at loans and now it's time to talk about jumbo

one very important note

This video does not apply to va jumbo loans if you're a veteran or active duty member and you're like I need to know

About how va looks at loans and my loans a million and a half dollars, which you can do now with zero percent down

Um, please look at yesterday's video. That is how va treats it

Regardless of the loan amount so that's my important note now for everybody else. Let's talk about jumbo

Okay

So here's the thing about jumbo loans and student loans

Actually first I have to tell you because someone asked me this what is a jumbo loan. So a jumbo loan is whenever your

Loan amount is above the conforming loan limit for your county. Yes

So in many parts of the country the loan limit is 510 400. This is filmed as of october 2020

And anything above that is jumbo. Okay, but it is based on your state and county

So what you guys are going to want to do is google fannie mae

loan limits

2020. Now if you're watching this in 2021

fannie mae loan limits

2021 it will show you it will bring you up to a spreadsheet where you can click on your state in your county

And that will tell you the loan limit for conforming loans anything above that is jumbo

This sheet also has like, you know

The the limits can be different based on if it's a one unit two unit three unit four unit, but that's how you know

If you are looking at a jumbo loan

Okay

Had to cover that now so, you know, you're in a jumbo loan and you're like gosh

How are they going to treat my student loans?

Totally depends. Yes. Yes totally depends

Whereas fha va freddie mac fannie mae have really set requirements with jumbo

What we see is different lenders have different requirements

Some follow fannie some follow freddie some make up their own rules

Now you're like oh that's this is such a useless video then jennifer

Not really

So the point of this is that when you're getting qualified for a jumbo mortgage if you have student loans

The question you want to ask your lender is hey

How are you going to be calculating my student loan payments?

you need to know that information because if you end up a position where they're like

Oh, your debt to income is too high or i'm really sorry. You can't qualify or you can only qualify for xyz

You may find that they're qualifying you at a one percent whereas there could be another jumbo investor

That would do it at half a percent and then you would qualify for what you want. So it's super important that you guys know

Every investor makes their own rules in jumbo land

I wish I was kidding. So there's not even like most do this and most do that. Every single one is different

so the key thing is is if you're talking to a bank and they say oh

We're really sorry because of your student loans. We can't doesn't mean another bank won't do it

Ask them how they're calculating your student loans. Are they using the payment? Are they using a percentage?

Are they using the higher than I would suggest you watch?

tuesday

and wednesday's video so you can see how student loans are being calculated in other parts of the industry because generally

What I see with jumbo investors is they're taking from that and adding to it or they're taking from that and subtracting from it

So you kind of want to know the base of what's happening in the industry?

But you're going to ask your lender how they're calculating your student loans, okay?

and

Then if you get denied from that lender you want to ask the next lender?

Hey, look, you know, how do you calculate student loans?

You don't have to fill out an app to answer to have them answer that question

You don't have to you know, have your credit pulled to have them answer that question

You could say like if someone called me and said hey jen, you know, how are you going to calculate student loans?

This is what happened with the other lender to me. That's a trigger to go

Okay, let me see what other investors I have that are going to look at this more favorably to the borrower

Okay

That's what we do as lenders. It's our job to look at the information

You're telling us and try to find a home for your situation now

you could be in a position where you're just can't do anything and unfortunately, sometimes we see that I mean

If I see 500 000 in student loans on a credit report, I don't even blink anymore

I'm, just like oh you went to four years of college

I mean, it's crazy. It's just crazy right now. So

important part of this video is that each investor is different so you could walk into

Bank of america and it could be different than wells or jp morgan or you know td ameritrade any of these?

Institutions can be different

So it's important to make sure you don't give up after talking to one don't have 90 people run your credit

Talk to a lender that works with

Multiple of these investors so they can go through the guidelines. Like I have a spreadsheet for all these different jumbo investors that says

This one does this this one does this this one? Does this this one does this crack through it?

Okay, so I hope this video has been helpful. Thank you for watching and have a great weekend