Jumbo Loans

Jumbo Loans:

Home buyers in higher priced areas of California are often not clear on what constitutes a jumbo loan in California.  Basically, it is any loan over the conventional loan limits in the California County you are located in.  Below is a list of the conventional loan limits in some selected California counties:

 
  • Los Angeles:$625,500

  • Orange County:$625,500
  • Sacramento:$474,950
  • San Diego:$546,250
  • Santa Clara:$625,500
  • San Francisco:$625,500
  • Alameda:$625,500
  • Contra Costa: $625,500
  • San Mateo: $625,500

 

 
 
 
  • Los Angeles:$625,500
  • Orange County:$625,500
  • Sacramento:$474,950
  • San Diego:$546,250
  • Santa Clara:$625,500
  • San Francisco:$625,500
  • Alameda:$625,500
  • Contra Costa: $625,500
  • San Mateo: $625,500

 

So as mentioned, any loan above these above limits falls into the category of a jumbo loan.  Below are some of the quick guidelines to qualifying for a jumbo home loan in California.

  • 720 minimum credit score
  • 20% down payment (although we do have a 10% down jumbo loan available for those with a 760 credit score)
  • 45% maximum debt-to-income ratios
  • Available on single family homes and condos
  • Loan limits of up to $2 million and beyond
  • Primary residence only
  • U.S. Citizens and permanent resident aliens qualify
  • 12 months house payment in cash reserves in a non-retirement account
Jumbo mortgage 30 year fixed rates are also excellent right now, on part with standard conventional financing rates.