Jumbo Mortgage

Our jumbo mortgage loan program is a great solution for homebuyers and homeowners who need a loan amount above the conforming loan limits.

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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). The limits are set by county and property type, so the loan amount required for a jumbo mortgage can vary from county to county.

Jumbo Mortgage Loan Requirements

Here are the 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.

Who Should Consider A Jumbo Mortgage

Homeowners and homebuyers who need a loan amount above the current conforming loan limits.

Jumbo Mortgage Rates

Jumbo mortgage rates are typically 1% to 3% higher than the best conventional and government-backed mortgage rates. Sometimes the market is aggressive, with jumbo mortgage rates resulting in rates at or below the best conventional mortgage rates.

Expensive home that needs a jumbo mortgage

Jumbo Mortgages At California Mortgage Finder

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.

Low Rates: We offer low rates on purchase and refinance jumbo mortgage transactions.

Fast Closings: We’re built on efficiency that delivers a fast closing for clients.

Exceptional Service: Clients are like family, and we’re focused on delivering a great mortgage.

Partner With Us

There’s nothing better than a great partner. Working with us, you’ll have one of the best jumbo mortgage partners in the industry. Along with low rates, fast closings, and exceptional service, we have many options to meet our clients’ diverse needs.

Jumbo Mortgage Loan Benefits

Here are the four main benefits of a jumbo mortgage.

More Purchasing Power

A jumbo mortgage allows you to buy more. Provided you qualify, you can expand your search to larger, more expensive homes.

Flexibility

Our jumbo mortgage loan program is flexible to accommodate our clients’ various short and long-term goals.

Competitive Rates

We take pride in finding great rates for our clients and provide an array of structures to consider.

Versatile Property Types

Our loan program allows for Single-Family Residences to Multi-Unit properties.

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.

Jumbo Mortgage FAQs

Here are some common questions and answers loan applicants have about the jumbo mortgage loan program.

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.