The luxury home market in Texas, especially Houston has always been competitive as it is varied. According the Houston Association of Realtors (HAR) home prices in Houston have increased by 13.1% in the last 12 months, for an average home price of $377,631. Homes are being sold on average in 32 days and above the listing price.
Many of Houston's luxury neighborhoods are located south of Katy Freeway, near Loop 610 which means it's close to Downtown Houston and the Medical Center. From the modern custom new homes to the historic architectural styles such as English Tudor, Mediterranean, Spanish mission, French Normandy, Houston is among the best cities in terms of varied designs.
Houston’s most expensive neighborhoods in Harris County
The community of Tanglewood with it's boulevard of live oak trees is certainly an upscale place. The median price is $1.75 million. River Oaks located within the 610 Loop between Downtown and Uptown has a median home price of nearly $2.4 million. The Memorial Villages; Bunker Hill has a median home price of $1.8 million, Piney Point $2.1 million Hunters Creek at $1.9 million, Hedwig Village at $1.5 million, Spring Valley at $1.75 million and Hillshire at $1.2 million. West University features a median home price of $1.2 million. Let's not leave out Afton Oaks, Southside Place, The Woodlands, Sugar Land and others.
Houston Jumbo Loan Financing
However, financing a luxury home whether a 10,000 square foot estate or an Upper Kirby high rise condo can occasionally be a problem at local bank especially if the buyer is self-employed with substantial deductions or has limited funds for a down payment.
Jumbo loan down payments
Until recently the down payment conditions were 20 percent with many lenders and banks offering Jumbo programs. For loan amounts above $1 million, down payment requirements could be a lot higher than expected, often times 25 percent or more. That is not the case with our selection of 10% and 5% down jumbo options in the lone star state. We also have numerous Texas jumbo loan programs that require no tax returns for business owners.
First, let’s identify what is considered a Jumbo loan in Houston. The Houston-Woodlands-Sugar Land Metropolitan Statistical Area (Houston MSA) is comprised of nine counties: Austin, Brazoria, Chambers, Fort Bend, Galveston, Harris, Liberty, Montgomery and Waller. For this area and the entire lone star state the conforming loan limit is $647,200 in 2022 which means any loan above that is a jumbo loan.
Houston TX Jumbo Mortgage Lenders Highlights
- Loans up to $10,000,000
- As much as 90 to 95% LTV on a $1.5 million
- Fixed Rate and Adjustable Rate Options
- Allows up to 20 acres on residential properties
- Expert Customer Service
Self-employed Borrower Option
Use bank statement job related deposits as income to qualify for a primary residence, second home or investment property. There's a minimum 10% down payment and 700 credit scores to get as much as $2,000,000 on a home loan. Qualified borrowers may also opt for a 10 year interest only period. Borrowers who have substantial liquid assets over $1 million may qualify that way instead of using bank statements.
No Job with Account Balances over $1 million
Asset Only Qualifying for Primary residences, second homes Minimum 10% down payment and 700 credit scores for as much as $2,000,000 on a loan 10 year interest only period .
IMPORTANT Not all borrowers will qualify. Loan approval is subject to approval by the underwriter rates and loan product guidelines are subject to change without notice.
Source: most expensive neighborhoods - Houston Properties
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