With real estate prices what they are in California, jumbo loans are becoming more and more the way to get into the market or to move up. This has presented some new questions regarding larger loans for home buyers, which we hope to answer below.
Conforming Loans vs. Jumbo Loans
Fannie Mae and Freddie Mac only purchase loans that they classify as “conforming”. Conforming loan limits have been set in 2018 as $417,000 for single-family properties. Loans in amounts greater than this are called “jumbo loans,” and loans greater than $1 million, are generally considered “super jumbo loans.” To complicate this matter more, the limits for these loans is dependent on the county where the property is located. And that brings us to the definition of a Jumbo Loan.
What is a Jumbo Loan?
Simply stated it is any mortgage loan amount that is above the Fannie Mae and Freddie Mac conforming loans limits as determined by the county where your purchase property is located. As an example:
Qualifications for a Jumbo Loan
For a Jumbo loan with Sun Pacific Mortgage the qualifications are the same as those for any other loan, which is:
What You Need to Know About Sun Pacific Mortgage’s Jumbo Loans
Things to Remember
There are no extra hoops to jump through with Sun Pacific Mortgage. Qualifying for a jumbo loan is not unlike qualifying for a non-jumbo loan. We have been in business for over 30 years with a proven track record. We can get you that jumbo loan with far fewer headaches on a much tighter schedule. Give us a call and close that deal!
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California Real Estate financing only. Minimum loan amount starts at $175,000.