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If you have always dreamed of having a condominium overlooking the water or in that high rise in the center of one of the most populated cities on earth, chances are you have lofty ambitions. Along with your lofty ambitions, you also need to have a sum in order to purchase one of these amazingly sought after properties. If you don't yet have the purchase price saved, chances are that you will need a jumbo loan in order to purchase your dream property. Here is some advice for qualifying for that jumbo mortgage and that condo board.

Pay off all other debts

Jumbo mortgage amounts are mortgages that are in excess of $417,000 in most places across the country. In order to qualify for a jumbo mortgage, your debt-to-income ratio will need all of the slack that it can get. Lenders are often most interested in offering mortgages to those who have a debt-to-income ratio of lower than 40%. In order to get a high six figure mortgage without having to drastically increase your income suddenly, you should pay off all debts, so that your debt-to-income ratio for monthly payments is as low as it can get on the scale. All credit card debt, student loans, and other debts should be paid off or settled before qualifying.

Save a ten-percent down payment

While a 20% down payment is the mortgage standard, for jumbo mortgage loans 10% is often the rule. For the lowest jumbo loan amount of $417,000, you will need $41,700 as a down payment amount, for the loan. When it comes to a jumbo loan, remember that your payments are likely to be hefty. In this case, it may be a good idea to put down the minimum amount and save the rest of your money on hand for moving costs. If possible, decrease your living expenses by going exceptionally frugal for a few years to save half of your income.

Develop liquid assets

In the event that you do get approved for a jumbo loan mortgage, in some cities the co-op housing board or the condominium board will require you to be approved by them before you are allowed to purchase. Along with making sure you will not disturb the peace, the boards will also want to look at your financials. Since they know you are approved for the mortgage, the financial overview will generally look at your debt and liquid assets. In order to jump the last hurdle of being approved by the board, you will need an impressive amount of liquid assets. The closer that you can get to six figures in stocks, bonds, mutual funds, and other liquid assets, the better. If you are having trouble developing more liquid assets, consider asking for stocks and bonds, or even stock advice as your holiday and birthday gifts from family and friends.