Profile picture for CurtisCathey

Purchasing a home over 900,000 dollars?

Hello, I'm wondering what the process would be to obtain a home worth at lease 1 million dollars. I'm a college student and I'm interested in purchasing a home in Hawaii worth that amount, but I'm unsure what the process and what would make me eligible to purchase this home. I understand that I have to establish good credit before even thinking of asking the bank for such a loan, but is there anything else I have to provide before asking for this a jumbo loan? I know it may be a lot of information to provide to this question, but I would really appreciate it because I'm considering taking up the real estate profession. Thank you!
  • August 14 - Kaimuki
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Answers (4)

Best Answer

As my two colleagues stated a mortgage professional is your best option to retain all the information to qualify for a jumbo loan.

In general you need to get at least pre-qualified. If you want to take out a jumbo I would even ask for a pre-approval from your lender. In general at a jumbo loan a 20% down payment could be required and of course you would need show the lender that you are able to pay back the loan. For that they usual check your 2 years of tax returns, 3 month bank statements and 3 month income verification. A certain credit score requirement could be asked by your lender.  

A would highly recommend starting and find a lender you can get all the information for qualification on a jumbo loan and ask all the question you need to make an educated decision. 

Annett T. Block
Florida Connects Inc. 
  • August 14
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Profile picture for Team Lally
You need to get pre-qualified first in order to get a loan. In order to do that you need to talk to a Lender that offers financing especially if you are a first time home buyer. We have partner lenders that we can refer you with. Let us know how we can help you with your real estate needs.

  • September 16
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Profile picture for craigfial
As mentioned below. This is a financing question that should be directed to a Mortgage Professional.

Generally in order to qualify for any loan, you will need verifyable income to support the loan payment along with a solid credit history. 

Without more information it would be unlikely a college student with no income would qualify for any loan.
  • August 14
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You need to speak with a loan officer. Real Estate Professionals are experts at housing while mortgage officers are experts at financing. Yes, finding financing is the first step so get with a bank that offers jumbo loans like Fifth Third or First Merit Bank or Quicken Loans to name a few. 
  • August 14
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