Let’s be real about jumbo home loans. First, there’s a reason the conventional high balance mortgage limits in L.A. and Orange County are $726,525 while counties with lower housing prices are capped at $484,350. Properties in Los Angeles and Orange counties are higher-priced to begin with. If you’re looking at homes priced $800,000, $1 million, $2 million and above and want to finance the purchase, you need a jumbo home mortgage, or a super jumbo home mortgage.
Everyone can’t afford a home in those price ranges or qualify for a jumbo home loan. If you’re looking for a higher-priced prestigious executive or elite property, you already know you don’t fit in the “average” category in income, assets, or interests and preferences.
To qualify for the most competitive jumbo home mortgage products and interest rates, you’ll need a good credit score, adequate liquid assets, and a solid down payment. While each of these criteria can vary between lenders, count on the following basics:
- Credit score of 700 to 720 (some lenders may consider a score of 680)
- Cash reserves equal to about a year of mortgage payments
- Ability to put 20% down on the home
- Documentation of cash flow from tax returns, investment information, and banking statements
- Good financial history (no bankruptcies or tax liens)
However, in some cases depending on the borrower and their situation we also have jumbo and super jumbo loans available up to $5M with only a 5% down payment. Additionally, you could have had a housing credit event like a foreclosure 3 years ago and still qualify for a 95% LTV (Loan to Value) Jumbo Loan or Super Jumbo loan up to $5 Million. Ask us here at California Platinum Loans if you qualify for this product.
If you’re an entrepreneur, jumbo, and super jumbo home mortgage specialists understand your situation and needs. You won’t be asked to carry pay stubs in to the bank to give them to the loan officer. But if you’re going through the qualification process, have your financial information at hand. Jumbo loan experts who’ve gone through the process many times know how to negotiate different lenders and their requirements. They’ll help you to find the jumbo home mortgage that’s right for you. Many times the application is simply completed all online.