Licensed in more than 40 states, direct mortgage lender WEI Mortgage Corporation was founded in 2002. Along with refinancing programs and veteran loans, WEI Mortgage Corporation provides a number of options, including jumbo mortgages.
Jumbo mortgages are also known as nonconforming mortgages, as they are the loans made when borrowers don’t conform to the guidelines established by Fannie Mae and Freddie Mac. The conforming loan size limit averages $417,000 but can be as high as $625,000.
Because jumbo mortgages do not have to follow the federal guidelines that conforming mortgages do, down payments can be as low as 10 percent rather than the traditional 20 percent. Although jumbo mortgage rates are often higher and require lower debt-to-income ratios, they do not require mortgage insurance. Additionally, they may offer re-amortization, which lowers the borrower’s monthly payment over the period of the loan.
To qualify, self-employed borrowers need to provide two years’ worth of W-2s, as well as income verification for the last 60 days. Lenders also require that borrowers have enough liquid assets to cover up to six months of mortgage payments.