There are many homes in California where borrowers have jumbo loans due to the state's high cost of homeownership compared to most parts of the country. Having said that, jumbo mortgages are the norm as many counties in California feature expanded conforming- loan limits which allow homeowners the ability to refinance as much as 90% of their home's value up to $765,600 (depending on the county) or purchase with just 10-percent down without mortgage insurance up to $1 million. Los Angeles, Orange and Ventura County are included as a high-cost county.
The interest rate you get will vary depending mainly on these factors:
- Your Credit Score
- Your down payment or equity available (if refinancing)
- Adjustable or Fixed-rate
- Traditional documents vs. Low doc loans
However, borrowers can purchase a home with "0" down up to $1,050,000 using a VA loan, if they are eligible.
Talk to us about low down payments and jumbo mortgage rates for homes over $1 million dollars.
Current portfolio products feature 10% down jumbo financing up to $2,500,000 for borrowers with a 680 credit score.
From the coastal regions of San Francisco and South Orange County to the inland areas of San Jose and Sacramento (Granite Bay) to the desert communities of Palm Springs borrowers can enjoy attractive jumbo loan programs for luxury homes.
Out of America's the top 25 richest counties per Forbes magazine, only two were from California: Marin County and Santa Clara County. Marin offers scenic vistas, while venture capital and tech money helps those creative entrepeneurs with their start-up companies in Santa Clara.
Loan amounts greater than $510,400 are considered non-conforming, also known as jumbo loans. Jumbo loan rates are available on fixed-rate terms of 5, 7, & 10 years on hybrid adjustable-rate mortgages or 10, 15, 20 and 30-year fixed-rate mortgage terms. So many options to finance your dream home.
Check with us for the best jumbo loan rate in » Los Angeles, Orange County, San Diego, and the San Francisco Bay area. Recently, rates for jumbo mortgages in California have been almost the same as those under $510,400.
In areas considered "high cost", the jumbo loan limits range from $510,400 to $765,600. High-cost is defined by the median sales price of a region. As of Dec. 2, 2020, listed below are the expanded loan limits for high-cost counties in California:
|4 Unit Loan Limits|
|San Luis Obispo||$690,000||$1,326,960|
Have questions about jumbo mortgage rates or programs for self-employed and reduced documentation? Ask us, we are friendly
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