First, what is a jumbo loan? Jumbo loans are any mortgages that exceed the federal loan servicing limits set by Freddie Mac and Fannie Mae. In Los Angeles and Orange counties, the conforming loan limit is $726,525 for a single-family home. Any amount over that is a Jumbo mortgage.
How much home can jumbo mortgages buy?
You can find jumbo mortgages to buy homes up to $10 million, $15 million, $20 million, even $50 million. You probably already know that the majority of people buying homes in those price ranges don’t document their income with pay stubs. They typically qualify for a jumbo mortgage to buy a multi-million dollar home with business income, investments, and other earnings.
Can I get a 30 year jumbo mortgage to buy a high-priced home?
A variety of jumbo mortgages are available as 30-year fixed rate mortgages. You will also find 15-year fixed rate jumbo mortgages and adjustable rate jumbo mortgages, although with interest rates as favorable as they are right now, an ARM may make sense short term and possibly long term also.
Do I need to be a U.S. Citizen to buy a high-priced home with a jumbo mortgage?
No, not at all. You can find jumbo mortgages for permanent residents, first-time homebuyers, and permanent and non-permanent resident aliens. So foreign nationals (non US Citizens) can also get jumbo loans on for mega multi million dollar properties such as those up to $50 millon. You can hold title on the home as an individual, a joint tenant, tenants in common, community property, or even in a company such as an LLC or a Corporation. You can also purchase and own the home as part of a revocable trust (living trust).