JUMBO LOANS IN CALIFORNIA
Do you have your eye on a premium property in Oxnard, Ventura, Santa Barbara, Los Angeles, or elsewhere in California? If so, you may need to apply for a jumbo loan.
What is an Jumbo Loan?
A jumbo mortgage is a type of conventional loan. That means that it does not have backing by a government agency. It is also called a non-conforming mortgage.
The reason for that name is the fact that jumbo mortgages can surpass than the conforming loan limits for Fannie Mae and Freddie Mac.
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Do You Need a Jumbo Mortgage in Oxnard?
Conforming loan limits depend on location. For most counties across the US, they are the same. But in Southern California, many homes sell in a higher price range than they do on average throughout the country. To adjust for that reality, the loan limits are higher for some counties.
These are the conforming loan limits that apply to most counties nationwide:
1 UNIT
$647,200
2 UNITS
$828,700
3 UNITS
$1,001,650
4 UNITS
$1,244,850
In Ventura County where Oxnard is located, these higher conforming loan limits apply:
1 UNIT
$851,000
2 UNITS
$1,089,450
3 UNITS
$1,316,900
4 UNITS
$1,636,550
If you are shopping for a home in a different county nearby, you should look up the individual conforming loan limits, because they could be different.
For instance, these are the conforming loan limits for Santa Barbara County:
1 UNIT
$783,150
2 UNITS
$1,002,600
3 UNITS
$1,211,900
4 UNITS
$1,506,100
At your consult, you can find out whether you need a conforming or jumbo loan to purchase a home in the county where you are shopping.
Qualifying for a Jumbo Loan
It is not so different to apply for a jumbo mortgage as it is to apply for a conventional conforming loan. The requirements are quite similar:
- Your credit score, debt–to-income ratio, income, and employment will all be assessed.
- We will look for at least six months of cash reserves.
- You should be ready to make a down payment of 15% or more.
- You also should prepare to get two appraisals instead of one.
Repeat and first time homebuyers alike can successfully apply for jumbo mortgages.
Apply for a Jumbo Mortgage in CA Now
If you are ready to apply for a jumbo mortgage in Oxnard or elsewhere in California, the loan experts at Financial Home Associates are ready to walk you through the process. Please give us a call today at (805) 402-5302 to schedule your mortgage consultation.
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