Should Your Dream Luxury House Forever Remain a Dream?

Dream house

Mid-November this year, two Elvis Presley homes will be auctioned online. These two properties have a connection to the King of Rock ‘n’ Roll. Surely, these properties will be a hit for avid Elvis fans.

One of the two properties for auction is located in Tupelo, Mississippi. The house, built in the 1920s, was the home of the boy Elvis during his elementary years. The structure was erected by his father and uncle, Vernon and Vester Presley. It sits on a 16.5 acre of land now known as Elvis Presley Heights. The property is said to have an estimated worth of around $2 million to $3.5 million.

The other property is a mobile home located on 163 acres of land along with eight other mobile homes. This lot sits right next to the King’s Memphis mansion, Graceland. Elvis acquired this property in the ‘60s and used it as an extension of his mansion when he could no longer accommodate his guest there. Occasionally, Elvis and his then-wife Priscilla would stay at there. The value of the two-bedroom, 60-foot long mobile home is between $250,000 and $500,000.

The two properties will be auctioned on Nov. 11, 2017.

Did you scale down your dream?

Purchasing a celebrity home or a similar property is a shot to the moon. The idea of owning a luxury house just seems so far-fetched these days. Home prices in the market are escalating, there’s no way you can afford it.

But we all can’t deny that at some point in our lives we envisioned to live in a house of a similar or equal grandeur. Now that we have become more mature, we’ve scaled down our dreams into what is convenient for our budget. We convince ourselves,  “A simple home is fine”; saying goodbye to the dreams of living in a beautiful abode.

For the many, a good house is good enough. Having a decent place to live in where their families are safe and secure is all that they want and need. But for the ambitious and strong-willed, they will get that dream house no matter what it takes.

Look for ways to achieve what you want.

Buying a luxury property is not for everyone, but it also is not impossible. A type of mortgage financing product, known as jumbo mortgage, allows borrowers to purchase this kind of homes. It can also be used to buy properties located in the highly competitive local real estate markets.

A jumbo loan allows individuals to borrow funds that exceeding the conforming loan limits. Because of this, it is considered a non-conforming mortgage loan.non-conforming mortgage loans cannot be purchased, guaranteed or securitized by Freddie Mac or Fannie Mae.

Find the best mortgage rates, click here.

How Jumbo is Jumbo?

To know how much financing you get from a jumbo loan, you have to know first the maximum limit for conforming loans for 2017. In most areas in the country, it is $424,100 for one-unit properties. However, the FHFA sets an even higher limit for places that are considered high-cost markets. The maximum limit can be as high as $636,150.

Any mortgage in excess of the area’s established conforming loan limit is considered a jumbo loan.

Get Me a Jumbo!

There it is, a jumbo loan is an answer to your prayers. It can turn your dream luxury home into reality. If you do not have much sitting in your bank account to buy such house, you better qualify for a jumbo loan.

We are all aware how rigid the requirements are when applying for a conventional loan. You have to have good credit standing. Because a jumbo loan puts the lenders at a greater risk, they will have to ask you to do better than just “good credit.”

For jumbo loans, it isn’t a shocker for a lender to be looking for a credit score of 700 or higher. The debt-to-income ratio also has to be ultra low, the closer to 36 percent the better.

You will also have to show proof that you can pay the monthly mortgage by providing your recent pay stubs, W2 tax forms and all other papers proving you have accessible cash on hand. You also need to include proof showing you have enough liquid assets and cash reserves to qualify for this mortgage.

Connect with a lender, click here.

For others, a dream luxury home will forever remain a dream. But for you, if you are very sure that this is for you, you can make it happen through a jumbo loan. It may not be exactly like Elvis’ Graceland Mansion, but whatever it is like you can always find ways to make it come true.

Just always remember never to rush into getting a mortgage. Always study your circumstances and finances. It will also help if you seek advice from expert professionals. They can help you understand better how a jumbo loan works.

Get Your Free Mortgage Loan Quote Today

Leave a Reply

Your email address will not be published. Required fields are marked *