Interested in jumbo mortgages in Los Angeles? Check out our latest article answering six common questions about these big-ticket loans!

With median home prices at over $900,000 in Los Angeles County, jumbo mortgages can be required for many buyers to finance a home purchase.

What are jumbo mortgages?

A jumbo mortgage is any mortgage which is greater than the annual loan limits published by the Federal Housing Finance Agency (FHFA) each year. Jumbo mortgages are not underwritten by Fannie Mae or Freddie Mac, the two federally-chartered home loan organizations that insure or back “conforming” or conventional mortgages that are less than the FHFA’s annual loan limits.

How much can you borrow on a jumbo mortgage?

Jumbo mortgages start at $1,089,300 in Los Angeles County for a single family home. You can borrow $2 million, $3 million, or more for a jumbo mortgage, depending upon your qualifications and income.

What are jumbo loan requirements?

You may find some online resources which say you need a minimum credit score of 700 for a jumbo mortgage. Jumbo loan requirements can be different from conventional mortgages, usually because the loans aren’t government-backed, which increases lender risk.

Jumbo loans also require favorable debt-to-income ratios, usually no higher than 43%.

Do you need perfect credit for a jumbo mortgage?

You do not need “perfect” credit to qualify for a jumbo mortgage, but the better credit you have, the greater your choices of mortgage term and lender will be. Some lenders do require a minimum credit score of 700, but others are more flexible.

What are down payment requirements for Los Angeles jumbo loans?

You will need to have sufficient equity to qualify for a jumbo mortgage. In the past, many jumbo mortgages required a 30% down payment. This is no longer the case and you may find lenders with more flexible down payment terms ranging from 15% to 30%.

How do you qualify for a jumbo mortgage in Los Angeles?

The optimal way to qualify for a jumbo mortgage in Los Angeles County is to work with a qualified and experienced mortgage broker. They can guide you through the process of obtaining a jumbo mortgage to buy the property that you want and need. Work with California Platinum Loans to discover the many financing options that are available to you.


St. Louis Federal Reserve [FRED], “Housing Inventory: Median Listing Price in Los Angeles County, CA”

Fannie Mae. “Originating & Underwriting: Loan Limits”

Are you curious about how super jumbo mortgages work? They’re not as scary as they sound! Let’s dive into the details and make sense of it all.

People who want to buy a home in Los Angeles can need a super jumbo mortgage to finance their home purchase. “Jumbo” says “large,” but how large are super jumbo mortgages and how do they work?

We’ve put together some of the basics about jumbo mortgages and how they work.

What Are Super Jumbo Mortgages?

Jumbo mortgages are home loans in amounts that exceed the Federal Housing Finance Agency (FHFA) limits for government-backed loans. For 2023, the conforming loan limits for Los Angeles County are $1,089,300 for a single family home, ranging up to 2,095,200 for a four-unit property.

Mortgages for more than these amounts are considered “jumbo” mortgages. A loan becomes a “super jumbo” mortgage when it exceeds $650,000, although you will find some lenders who use $1 million as the base for a super jumbo mortgage. 

In Los Angeles County, with a median home sales price of over $1 million, many jumbo mortgages are also automatically “super jumbo” mortgages.

How Do Jumbo Loans Work?

Jumbo mortgages aren’t guaranteed by home loan agencies like Freddie Mac and Fannie Mae. As a result, they operate under a different set of criteria.

Whether they are a regular jumbo or a super jumbo mortgage, these loans usually require better credit than smaller mortgages. The reason? Conforming or conventional mortgages can be backed by Fannie Mae or Freddie Mac, reducing the lender’s risk. In addition, the larger mortgage amounts also carry additional lending risk.

You will also find that jumbo mortgages require a debt-to-income (DTI) ratio lower than 43%. These mortgages also typically, but not always, require good credit scores.

Do Jumbo Mortgages Have High Interest Rates?

In the past, many jumbo mortgages had higher interest rates than non-jumbo mortgages. However, Investopedia reported that in 2022, some 30-year fixed rate jumbo mortgages had lower interest rates than 30-year fixed-rate conforming mortgages.

Do You Need A High Down Payment For A Jumbo Mortgage?

In previous years, many jumbo mortgage issuers required a 30% down payment for a jumbo loan. This high level of down payment is no longer required. 

Working with an expert mortgage broker, you can determine which jumbo mortgage is right for you. Each borrower’s situation is unique. Contact California Platinum Loans today to learn which super jumbo home loan is right for you.


Investopedia Team, “Jumbo Loan,” 21 December 2022

U.S. Department of Housing & Urban Development, “Maximum Mortgage Limits 2023”

Your Super Jumbo Mortgage: Can You Get A $10 Million Mortgage And Buy Your Dream Home? Can The Term Be as Light As Payable in 30 Years?

What is a super jumbo mortgage? A super jumbo loan significantly exceeds conforming loan limits published by the Federal Housing Financing Agency (FHFA). A “regular” jumbo mortgage is a mortgage for more than $484,350 in lower housing cost counties. In higher cost counties, “regular” jumbo mortgages are any amount over $726,525. If you want a jumbo mortgage of $5 million or $10 million or more, you’ll have different loan terms and different underwriting standards than loans issued for lower amounts.

Can I get a 30-year jumbo mortgage? What are 30-year jumbo mortgage rates?

If you’ve been looking for super jumbo mortgage rates online, you’ve probably discovered that most, if not all, online mortgage calculators don’t go over $1.5 to $2 million, much less $10 million.

30-year jumbo home loan rates may have higher interest rates than the lowest conforming 30-year mortgage rates you’ll see quoted online. A benchmarked rate uses a survey of the largest mortgage lenders, including banks like Wells Fargo. The benchmark rate will be the median rate from all of the surveyed lenders. For example, you might find rates averaged between the largest home mortgage lenders that include:

  • 30-year jumbo mortgage rate: 4.08% with a 4.20% APR
  • 15-year jumbo mortgage rate: 3.85% with a 4.05% APR

In jumbo ARM mortgages, you can find more variable rates, including:

  • 5/1 ARM jumbo mortgage rate: 3.89% with a 7.11% APR
  • 7/1 ARM jumbo mortgage rate: 3.82% with a 6.22% APR

How do you qualify for a super jumbo home mortgage? What are jumbo loan requirements?

Underwriting criteria for mortgages can go on for hundreds of pages. This is one of the most important reasons you should work with a qualified home mortgage specialist. Mortgage loan specialists know the requirements for dozens of different lenders. They can locate the super jumbo mortgage that’s right for you. They can make the qualification process smooth and trouble-free, so you can receive a super jumbo mortgage of $5 million or $10 million to buy the elite property you desire.

When qualifying for a super jumbo mortgage, the entire process differs from the process for conforming mortgages with lower amounts. Your mortgage specialist will help to structure the super jumbo mortgage that best suits your finances and home purchase selection. You can access this concierge mortgage service by working with a mortgage professional who will offer you security, privacy, and confidence to receive the best super jumbo home loan for $10 million or more.