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Jumbo Mortgage in California
Our jumbo mortgage loan program is a great solution for homebuyers and homeowners who need a loan amount above the conforming loan limits.
What is a Jumbo Mortgage?
A jumbo mortgage is a home loan with a loan amount above the conforming loan limits set by the Federal Housing Finance Agency (FHFA).
Limits are set by county and property type, so the required loan amount for a jumbo mortgage can vary by county.
Work With an Experienced Professional
Kevin O’Connor is a California-licensed loan officer with over 20 years of experience helping homeowners refinance and purchase properties throughout California.
Licensed by the California Department of Real Estate and holding an active NMLS license, Kevin works in association with JB Mortgage Capital, Inc.
Contact KevinYour trusted partner
Get The Right Jumbo Mortgage In California
There’s nothing better than a great partner. Working with us, you’ll have one of the best jumbo mortgage partners in the industry. In addition to low rates, fast closings, and exceptional service, we offer a range of jumbo mortgage options to meet our clients’ diverse needs.
Jumbo Mortgage Benefits
Jumbo mortgages are easy to process when you work with an experienced loan officer. Behind CMF is more than two decades’ worth of mortgage industry experience.
- More Purchasing Power: A jumbo mortgage allows you to buy more. Provided you qualify, you can expand your search to larger, more expensive homes.
- Flexible Options: Our jumbo mortgage loan program offers flexibility, accommodating clients’ various short-term and long-term goals.
- Low Rates: We offer low rates on purchase and refinance jumbo mortgage transactions.
Three things matter most with jumbo mortgages in California: rate, cost, and structure. That’s why we focus on the big picture, long-term goals, and find a solution that matches our clients’ needs.
California Mortgage Finder
We’re the ideal partner for your next mortgage transaction.
Jumbo Mortgage Requirements
Here are the six main requirements of our jumbo mortgage loan program. Standards are high, and this loan program generally requires more documentation than other programs. If your documentation is in order, you can close within 25-30 days.
Credit
The minimum credit score requirement for a jumbo mortgage loan is a middle score of 700. That being said, it gets difficult to obtain an approval once you drop below a 720 credit score. 780 or higher credit scores typically get the best jumbo mortgage rates
Income
You’ll want a Debt-To-Income ratio at or below 38% to meet the programs income requirements. Underwriting can increase to a 42% Debt-To-Income ratio(DTI) in some circumstances. Jumbo mortgages are more restrictive with income calculations then most programs.
Equity
You’ll need at least 10% to 20% down for a purchase and a refinance. If you are doing a cash-out refinance, you must have at least 20% to 30% equity post-closing (underwriting may require more). Equity Requirements are adjusted depending on credit score and DTI.
Appraisal
You will be required to do an appraisal. If the property’s value or loan amount is high, you may have two appraisals (unlikely, though). The appraiser is independent of the transaction which is a requirement.
Asset
The Asset requirements for the jumbo mortgage loan program are as follows; six to twelve months of liquid assets (ie checking/savings account or other liquid account) for most loan applicants. In some cases the underwriter may require more.
Documentation
Loan applicants should be prepared to provide two years of full income documentation to meet the program’s documentation requirements. Business owners have to provide tax two years of tax returns for all businesses owened.
Jumbo Mortgage FAQs
How Hard Is It To Get A Jumbo Mortgage?
If you have excellent credit and plenty of income, then it’s not hard at all. However, the lower the credit score and/or income the more difficult it becomes
How Long Does It Take To Get Approved?
Getting approved for a jumbo mortgage can sometimes take longer than other mortgage programs (like conforming or FHA). Lenders generally have a second underwriter review the loan application and documentation to ensure it meets the specific guidelines.
Do You Need The Bank To Verify Statements?
Sometimes, underwriters require you to prove that your bank issued the bank statements you turned in. If this happens, the underwriter will request that a bank complete a Verification of Deposit or stamp the bank statements to prove they are legitimate.
Is There a Pre-Payment Penalty?
Some jumbo mortgages do have a pre-payment penalty, but not all. Be sure to talk with your loan officer to confirm there is no pre-payment penalty.
Can I Get A Second Mortgage With A Jumbo Mortgage?
Yes, and doing that usually opens the door to greater purchasing power.
Explore Some Of Our Other Mortgage Programs
Conventional
A conventional mortgage is the most common mortgage program. Fannie Mae and Freddie Mac set the base guidelines.
FHA
FHA is a powerful program for those with less-than-perfect credit and a low down payment (or little equity).
VA
The VA mortgage program is one of the best in the industry. It offers industry-low rates; for some applicants, no down payment is needed.
Bank Statement
The Bank Statement mortgage is a great alternative to the traditional mortgage programs. Competitive rates and flexible guidelines.
USDA
If you live in rural California, the USDA Mortgage program might be the perfect solution for your next transaction.
Second Mortgage
A second mortgage is an excellent tool for those who want to avoid mortgage insurance or need cash out on their home equity.
