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Excellent Service
Bill is an exceptional loan officer. He helped us to purchase our home with very personal and professional service. He helped us navigate the whole process from start to closing without any problems. We didn't think we're qualified to purchase a house, but Bill went above and beyond to find a way to help us achieve our goal. He always responded very quickly with our requests, he would come back with different options with comparison chart to clearly indicate how much we need for down payment, monthly payments, interest rates, closing costs etc.
We would highly recommend Bill to anyone in need of lending services. In fact, we have already recommended Bill to one of our friends on purchasing a house.
--- David Chan - Houston, TX
Bank Statement Lending!
William Rapp of Network Funding, L. P. was very professional and I felt comfortable in dealing with him. I will definitely recommend him to family and friends.
--- Ian F - Missouri City, TX
Professionalism - Expert In Home Style Loan
Bill is an expert in the topic, his explanations and online material make a difference and he is always there from the beginning to the end. He is committed to make thing happen.
--- Felipe Caldern & Carolina Angel Gutierrez
Great Service!
Bill Rapp's handling of our loan (even though out of state) was unparalleled to any service I have been through prior, including 3 different real estate transactions and multiple refinances. Extremely quick close, with great options and flexibility for my families needs. All around A+
--- Chris & Beth Sheehan - San Jose, CA
Knowledgeable and Responsive!
Bill was a pleasure to work with and he made the loan process fairly easy. He answered all questions I had very quickly and was straight forward in doing it. I would recommend Bill to others.
--- Wes Brady - Richmond, TX
Very professional and always returned our calls!
Bill takes a lot of pride in his job and is very dependable. They were very patient and understanding. He went out of his way and explained all my questions and concerns. They were very professional and returned my phone calls and emails. He did a great job and I fully recommend him.
--- Therese, Malcom & Shirley Teixeira - Katy, TX
Great Job!
Bill helped us out from beginning to end of loan process. The loan closed in a timely manner as Bill worked hard with bank to get our to the final steps.
--- Kamal & Theresa Wilson - Hartford, CT
Avid Problem-Solver and Absolute Pleasure to Work With!
Bill Rapp worked very hard to ensure that we closed our loan and were able to move into our new home. He always had alternatives to any problems we encountered while closing. He worked with us from the beginning identifying solutions to any problems that we were having. He was an absolute pleasure to work with!
--- Nikita Rayani & Sanit Tejani - Houston, TX
Awesome to work with!
Being a first-time buyer I came in with lots of questions and concerns. Bill was always available for any questions I had and answered everything to my satisfaction. Bill made the loan process so painless that I could still concentrate on other things. We ended up closing early which made things even better. If you are in need of a lender and want someone who is very approachable and stays on top of your loan then Bill is your guy.
--- Cesar Raya - Richmond, TX
Loan Declined by my bank, and he saved the day!
Bill, did an amazing job helping me close on my house. He took the reigns and reassured me the best route to take to help close. He was accountable, thorough and trustworthy. I will continue to work with Network Funding, L.P. when it comes to home buying in the future because of the quality of service Bill gave.
--- Jacob Smith - Boerne, TX
Bill Rapp Will Definitely Make It Happen!
Bill is the most kind, patient and helpful person I have ever known. He answers his phone calls and emails promptly. You can ask him a million questions, and he will answer each and every one of them. Before I started working with Bill, I had been turned down for a home loan, because of some past credit issues I had, plus I was a single mother. However, once I started working with Bill, he was able to quickly get me a home loan, with a good interest rate. I would recommend that you call him, as he will help you.
--- Corinne Wilson - Roselle, NJ
Knowledgeable, Honest, Trustworthy, and Reliable!
"I will definitely keep you in mind. If anyone I know needs financing, I will send them your way!"
--- Jon & Andrea Saleem, CRPC Financial Advisor - Houston, TX
Best Dam Mortgage Guy a man could know!
"Hands down the best loan experience to date!"
--- Gabe & Chelsea Jackson - Pearland, TX
Phenomenal, Hard Working and Never Quits!
Had a stupid foreclosure that could have been avoided if ex’s attny would have sent my buy out offer. So Bill was able to push this through with a 4 year foreclosure. He worked his butt off, was very diligent with his communication; and was very professional talking to me even when I was screaming and/or crying at him. Highly recommend this lender. He really go to the ends of the earth to help you!
--- Liz Keeter - Harlingen, TX
Exceptional customer service!
Bill is the most kind, patient and helpful person I have ever known. He answers his phone calls and emails promptly. You can ask him a million questions, and he will answer each and every one of them. Before I started working with Bill, I had been turned down for a home loan, because of some past credit issues I had, plus I was a single mother. However, once I started working with Bill, he was able to quickly get me a home loan, with a good interest rate. I would recommend that you call him, as he will help you.
--- Isha Lopez & Mauricio Garcia - Houston, TX
Service with a capitol S
Bill went above and beyond at every turn. He worked late on Saturday, he worked late all the time. We wanted to close ASAP and he really helped make it happen for us.
--- Jeff & Wendy Heger - Houston, TX
Best Buying Experience!
I would would highly recommend going with Network Funding LP. As a first time home buyer I didn't know what to expect. Bill Rapp was very helpful in answering all my questions and guided me through all ghe steps. I couldn't have asked for a better buying experience!
--- Tabitha Turner - Humble, TX
Would recommend him and use him again!
Very involved and professional . Kept me informed and up to date on everything that was going on Went with me closing and was very helpful and knowledgeable.
--- Kathy Ward - Houston, TX
Great experience!
Well I meet bill back in December 2016 he got recommended by my real estate agent we had a house in sight and started the process to get approved but we fail due to my work history and credit bill told me not to give up and put me in contact with a credit repair company they help me bring my score up and bill walk me thru the process of getting a new line so this time around we got approved before looking for our house after we found it we still had a couple of hick up but with bills help on Sunday 6-18-17 to be exact Father's Day bill called me to give me the great news that we had got approved and the closing date was as scheduled bill was more than just a lender to my family he became a friend and I'm alway going to have him in mind for any other financial situation.
--- Alejandres Felimon - Richmond, TX
I really liked his attitude!
I wouldn't usually say this but the way he had handled my mortgage was really pleasant. I personally enjoyed the time spent with him while we discussed feasible rates. He's a great man with a great personality and he offered really low interests as well. Definitely recommend him to others.
--- Tom Troiano - Atlantic City, NJ
He's nothing short of a miracle!
I'm a self-employed businessman and had him figure out the mortgage of the house after 30% down payment. The interest rates I received were incredibly low given what I had thought of earlier. One other important thing to note was that I hadn't really taken any loans earlier, so I had no credit history. He helped me out with all that as well so I can't really call him anything else but a miracle.
--- Fran Suarez - Cleveland, OH
He's really helpful!
I made a bid to him and the very same day he gave me an offer which I couldn't resist. It was too intimidating with those incredibly low interest rates and all, thoroughly recommend him.
--- Kenny Mickle - Houston, TX
Expeditious!
Bill was very expeditious and made it real easy going through the loan process. I felt he was on top of things.
I deal with investment properties and will more than likely call on him again.
--- Wayne King - Pensacola, FL
Bill was great!
Bill made us feel like a friend all the way thru the process. He was patient and explained everything he needed clearly. He was available ANYTIME we had questions or needed more information. Hopefully we won’t go thru this process again anytime soon, but if we do - we’d choose Bill! =)
--- Barbra & Nick Grimmer - Austin, TX
Great broker!
Bill was a great broker to work with. As first time home buyers we had many questions about the process, Bill took the time to help us even calling us back on weekends with answers. I would not hesitate to recommend him to anyone looking for a broker to work with.
--- Murray & Lisa Turner - Pensacola, FL
Outstanding service!
I couldn't have been more pleased with Bill's level of service. He made what is typically a lengthy, arduous process far quicker and easier at every turn. I'm extremely comfortable recommending Bill to friends and family, and will definitely utilize his services again!
--- Jim Lipari - Austin, TX
FHA 203 H Loan Product
The Section 203(h) program allows the Federal Housing Administration (FHA) to insure mortgages made by qualified lenders to victims of a major disaster who have lost their homes and are in the process of rebuilding or buying another home.
Purpose:
Through Section 203(h), the Federal Government helps victims in Presidentially designated disaster areas recover by making it easier for them to get mortgages and become homeowners or re-establish themselves as homeowners.
Type of Assistance:
This program provides mortgage insurance to protect lenders against the risk of default on mortgages to qualified disaster victims. Individuals are eligible for this program if their homes are located in an area that was designated by the President as a disaster area and if their homes were destroyed or damaged to such an extent that reconstruction or replacement is necessary. Insured mortgages may be used to finance the purchase or reconstruction of a one-family home that will be the principal residence of the homeowner. Like the basic FHA mortgage insurance program it resembles (Section 203(b) Mortgage Insurance for One to Four Family Homes), Section 203(h) offers features that make recovery from a disaster easier for homeowners:
No down payment is required. The borrower is eligible for 100 percent financing. Closing costs and prepaid expenses must be paid by the borrower in cash or paid through premium pricing or by the seller, subject to a 6 percent limitation on seller concessions.
FHA mortgage insurance is not free. Mortgagees collect from the borrowers an up-front insurance premium (which may be financed) at the time of purchase, as well as monthly premiums that are not financed, but instead are added to the regular mortgage payment.
HUD sets limits on the amount that may be insured. To make sure that its programs serve low and moderate income people, FHA sets limits on the dollar value of the mortgage. The current FHA mortgage limit can be viewed online. These figures vary over time and by place, depending on the cost of living and other factors (higher limits also exist for two to four family properties).
Eligible Customers:
Anyone whose home has been destroyed or severely damaged in a Presidentially declared disaster area is eligible to apply for mortgage insurance under this program.
Application:
The borrower's application for mortgage insurance must be submitted to the lender within one year of the President's declaration of the disaster. Applications are made through an FHA approved lending institution, who make their requests through a provision known as "Direct Endorsement," which authorizes them to consider applications without submitting paperwork to HUD. Mortgage insurance processing and administration for this and other FHA single family mortgage insurance products are handled through HUD's Homeownership Centers.
My best advice to you is to call Bill Rapp, the Mortgage Viking, to discuss your options today 281-222-0433.
🏡 Jumbo Mortgage Requirements Explained 💰
🏡 Jumbo Mortgage Requirements Explained 💰
💰 How to Qualify for a Jumbo Loan 🏡
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🏡 Jumbo Mortgage Requirements Explained 💰
By Bill Rapp, CCIM | Medallion Funds | Mortgage Viking
Buying a luxury home or a higher-priced property? You may need a jumbo mortgage—but qualifying for one can be different from obtaining a traditional conventional home loan.
Whether you're purchasing a luxury home in Houston, upgrading to a larger property in Katy or Fulshear, or buying your first home as a physician, dentist, or successful business owner, understanding jumbo mortgage requirements can help you prepare for a smoother financing experience.
The good news? You don't necessarily need a 20% down payment, perfect credit, or a traditional W-2 income to qualify.
Let's explore how jumbo home loans work, what lenders look for, and how you can position yourself for approval.
What Is a Jumbo Mortgage?
A jumbo mortgage is a home loan that exceeds the applicable conforming loan limit established by the Federal Housing Finance Agency (FHFA).
Conforming mortgages generally follow guidelines that allow them to be purchased by Fannie Mae or Freddie Mac. Jumbo mortgages exceed those loan limits and are typically funded through private lenders, banks, or other non-agency mortgage programs.
Because jumbo lenders assume additional risk on larger loan balances, their underwriting requirements can be more restrictive.
However, jumbo loan programs vary significantly between lenders, creating opportunities for qualified borrowers who may not fit traditional lending guidelines.
Important: A jumbo mortgage is determined by the loan amount, not simply the home's purchase price.
For example, purchasing a $1 million home does not automatically mean you need a jumbo mortgage. Your down payment and the applicable county loan limit determine whether your mortgage falls into the jumbo category.
2026 Jumbo Mortgage Loan Limits
For 2026, the baseline conforming loan limit for a one-unit property in most U.S. counties is $832,750.
In designated high-cost areas, the maximum conforming loan limit for a one-unit property can reach $1,249,125.
In most Texas markets, including the Houston metropolitan area, a one-unit mortgage exceeding the baseline conforming loan limit generally requires jumbo or another nonconforming financing solution.
Loan limits are updated annually, and limits for two- to four-unit properties are different.
Understanding the applicable loan limit is especially important when purchasing higher-priced homes in communities such as:
·Katy
·Fulshear
·The Woodlands
·Sugar Land
·Memorial
·River Oaks
·West University
A strategic down payment may allow some buyers to remain within conforming loan limits, while others may benefit from a jumbo mortgage.
What Are the Requirements for a Jumbo Mortgage?
Jumbo mortgage requirements depend on the lender, loan amount, property type, occupancy, and borrower's overall financial profile.
Here are the five primary areas lenders evaluate.
1. Jumbo Loan Credit Score Requirements
Credit scores are an important component of jumbo mortgage underwriting.
Many jumbo mortgage lenders prefer credit scores of 700 or higher, while certain programs may consider borrowers with scores in the upper 600s.
Borrowers with credit scores of 740 or higher may have access to more competitive pricing and additional financing options, depending on the program.
Lenders also evaluate:
·Mortgage payment history
·Recent late payments
·Credit utilization
·Outstanding debts
·Recent credit inquiries
·Bankruptcies or foreclosures
A strong credit score can improve your financing options, but it does not guarantee approval.
Your complete financial profile matters.
2. Jumbo Loan Down Payment Requirements
One of the biggest misconceptions about jumbo mortgages is that every borrower must put 20% down.
While a 20% down payment remains common, some jumbo mortgage programs may allow qualified buyers to purchase a home with as little as 10% down.
Certain specialized professional mortgage programs may offer even lower down payment options, subject to eligibility and loan limits.
Typical financing scenarios may include:
Down Payment | Potential Financing Structure |
5%–10% | Select specialty or professional mortgage programs |
10%–15% | Select low-down-payment jumbo programs |
20% | Common traditional jumbo structure |
25%–30% | May be required for larger balances, second homes, or certain risk profiles |
Lower down payments may require stronger credit, additional cash reserves, or more restrictive debt-to-income ratios.
The right down payment is not always the largest down payment.
For physicians, dentists, entrepreneurs, and real estate investors, preserving liquidity may be an important part of a broader financial strategy.
3. Debt-to-Income Ratio Requirements
Your debt-to-income ratio, commonly called DTI, measures your monthly debt obligations relative to your gross monthly qualifying income.
Many jumbo mortgage programs prefer a DTI of approximately 43% or less, although some lenders may allow higher ratios for borrowers with strong compensating factors.
Monthly debt obligations can include:
·Proposed mortgage payment
·Property taxes and homeowners insurance
·HOA dues
·Automobile loans
·Student loans
·Credit card payments
·Other recurring debt obligations
For example, if your gross qualifying monthly income is $25,000 and your total monthly debt obligations are $10,000, your debt-to-income ratio is 40%.
That calculation helps lenders determine whether your income can support the proposed mortgage.
For doctors and dentists, student loan treatment can be particularly important. Certain physician mortgage programs use specialized underwriting guidelines that may provide more flexibility than traditional jumbo loans.
4. Income and Employment Documentation
Traditional jumbo mortgage lenders generally require borrowers to demonstrate stable, sufficient income.
Depending on your employment situation, documentation may include:
·Recent pay stubs
·W-2 forms
·Federal income tax returns
·Bank and investment statements
·Employment verification
·Business financial statements
·Documentation of bonuses, commissions, or other income
Self-employed borrowers may face additional documentation requirements because lenders need to establish the stability and sustainability of business income.
However, traditional income documentation is not the only option.
Certain non-QM jumbo mortgage programs may allow qualified borrowers to use bank statements, asset-based income calculations, or other alternative documentation methods.
These programs can be particularly useful for business owners, independent contractors, and high-net-worth borrowers whose tax returns do not fully reflect their financial capacity.
Alternative documentation programs typically have their own pricing, down payment, and eligibility requirements.
5. Cash Reserve Requirements
Jumbo mortgage lenders frequently require borrowers to maintain cash reserves after closing.
Cash reserves are funds available to cover future mortgage payments and related housing expenses.
Depending on the lender and loan size, borrowers may need approximately six to twelve months of reserves. Some programs require more, while others may require less.
For example, if your total monthly housing payment is $7,000, a twelve-month reserve requirement would equal $84,000.
Eligible reserves may include:
·Checking and savings accounts
·Brokerage accounts
·Certain retirement accounts
·Other eligible liquid or investment assets
Lenders may apply restrictions or discounts to certain assets when calculating eligible reserves.
Remember: your down payment, closing costs, and post-closing reserves are separate components of your financing strategy.
Jumbo Mortgage Example: Buying a $1.2 Million Home
Suppose you're purchasing a $1.2 million primary residence in the Houston area.
Here's how different down payment strategies could affect your mortgage.
Financing Scenario | 10% Down | 20% Down |
Purchase price | $1,200,000 | $1,200,000 |
Down payment | $120,000 | $240,000 |
Mortgage amount | $1,080,000 | $960,000 |
Loan-to-value ratio | 90% | 80% |
Illustrative interest rate | 6.75% | 6.75% |
Monthly principal and interest | $7,005 | $6,227 |
Both scenarios exceed the 2026 baseline conforming loan limit.
The 10% down payment option allows the buyer to retain an additional $120,000 in upfront capital. However, it also increases the monthly principal and interest payment by approximately $778.
The 20% down payment option reduces monthly debt service and may provide access to different loan programs or pricing.
Which strategy is better?
That depends on your income, liquidity, investment objectives, risk tolerance, and available mortgage programs.
Illustrative calculations assume a 30-year fixed-rate mortgage at a hypothetical 6.75% interest rate. This is not a current rate quote or financing offer. Payments exclude property taxes, homeowners insurance, HOA dues, mortgage insurance if applicable, and closing costs. Actual rates and terms vary.
Jumbo Loans for Doctors and Dentists
Physicians and dentists often have unique financial circumstances.
You may have significant student loan debt, limited savings following residency, or an employment contract reflecting substantial future income.
Certain physician mortgage programs may offer benefits such as:
·Reduced down payment requirements
·Specialized student loan treatment
·Eligibility based on qualifying employment contracts
·Financing for higher-priced primary residences
·Potential mortgage insurance alternatives
These programs are not universally available, and eligibility depends on your profession, career stage, loan amount, and lender requirements.
At Medallion Funds, we help medical professionals explore financing structures that align with their career and financial goals.
Jumbo Loans for Self-Employed Borrowers
Business owners often face a different challenge.
Your business may generate substantial revenue, but legitimate tax deductions can reduce the income shown on your tax returns.
That can make qualifying for a traditional jumbo mortgage more complicated.
Alternative financing options may include:
Bank statement loans: Qualifying income may be calculated using eligible personal or business bank deposits, subject to lender guidelines.
Asset depletion loans: Certain eligible assets may be used to establish qualifying income.
Traditional self-employed jumbo loans: Borrowers may qualify using tax returns and documented business income.
The key is identifying a lender whose underwriting approach fits your financial circumstances.
Jumbo vs. Conventional Mortgages
Feature | Conforming Conventional | Jumbo Mortgage |
Loan amount | Within applicable conforming limits | Above applicable conforming limits |
Credit requirements | May offer more flexibility | Often more restrictive |
Down payment | Some programs allow 3%–5% | Often 10%–20% or more |
Cash reserves | Program dependent | Frequently more substantial |
Income documentation | Standard agency guidelines | Lender-specific guidelines |
Interest rates | Market and borrower dependent | May be higher, similar, or lower |
Jumbo mortgage rates are not automatically higher than conforming mortgage rates.
Pricing depends on market conditions, lender appetite, loan-to-value ratio, creditworthiness, and other factors.
That's one reason comparing multiple lenders can be particularly valuable when financing a higher-priced home.
How to Improve Your Chances of Jumbo Mortgage Approval
Before making an offer on a luxury home, take these steps:
1.Review your credit report and address potential issues.
2.Reduce unnecessary revolving debt.
3.Document your income and employment history.
4.Identify your available down payment and closing funds.
5.Maintain adequate post-closing cash reserves.
6.Avoid major financial changes during underwriting.
7.Obtain a jumbo mortgage pre-approval before shopping.
A strong pre-approval can help you understand your purchasing power, identify potential underwriting challenges, and present a more credible offer to a seller.
Frequently Asked Questions About Jumbo Mortgages
Can I get a jumbo mortgage with 10% down?
Yes. Some lenders offer jumbo mortgage programs with 10% down for qualified borrowers. Eligibility depends on credit, income, reserves, property type, and loan amount.
What credit score do I need for a jumbo loan?
Many lenders prefer a score of at least 700, although certain programs may consider lower scores. Higher credit scores may improve your available options.
Do jumbo mortgages require private mortgage insurance?
Not necessarily. Some jumbo programs offer financing without traditional private mortgage insurance, even with less than 20% down. However, the lender may compensate for the additional risk through pricing or other loan requirements.
Are jumbo mortgage rates higher than conventional rates?
Not always. Jumbo rates can be higher, lower, or comparable depending on the lender and market conditions.
Can self-employed borrowers qualify for jumbo mortgages?
Yes. Self-employed borrowers may qualify through traditional income documentation or alternative programs, including certain bank statement and asset-based mortgages.
Can doctors qualify for a jumbo mortgage with student loan debt?
Yes. Certain physician mortgage programs offer specialized underwriting that may help eligible doctors and dentists qualify despite substantial student loan balances.
Can I refinance a jumbo mortgage?
Yes. Jumbo refinance programs may allow qualified homeowners to change their rate or loan term, or access home equity through a cash-out refinance, subject to lender and applicable state requirements.
Why Work With a Mortgage Broker for a Jumbo Loan?
Not all jumbo mortgage lenders evaluate borrowers the same way.
One lender may require a larger down payment. Another may offer more flexible income documentation. A third may specialize in physician mortgages or self-employed borrowers.
Working with an experienced mortgage broker can help you compare available financing structures rather than relying on a single lender's guidelines.
At Medallion Funds, we help borrowers evaluate mortgage options based on their financial profile, property goals, and long-term objectives.
Whether you're purchasing a luxury home, relocating to Texas, upgrading your primary residence, or exploring specialized financing as a doctor, dentist, or business owner, we can help you navigate the process.
Ready to Explore Your Jumbo Mortgage Options?
Don't let assumptions about credit scores, down payments, or income requirements prevent you from exploring your next home purchase.
The right mortgage strategy begins with understanding your options.
Contact Bill Rapp, CCIM, with Medallion Funds to discuss your jumbo mortgage financing needs.
Bill Rapp
Partner & Director of Capital Advisory | Medallion Funds
Commercial Lending Nationwide
Residential Lending in AL, CA, CO, NV & TXBottom of Form
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