95% Jumbo Loan San Diego California

Luxury home prices has continued a gradual rebound in across California, especially San Diego.  As a result, lenders banks are starting to pull back on Jumbo loan qualifying requirements and allowing for higher loan to value. In fact qualified home buyers can now secure up to 95% Jumbo financing, only 5% down payment needed up to loan amounts of $1,500,000. 

Let's discuss exactly what is considered a jumbo and some of LTV criteria. A Jumbo loan is a mortgage that exceeds the conforming loan limits of $424,100.  Some high-cost locations in CA can exceed this limit, but most the nation this limit is at $424,100 San Diego home buyers can now secure Jumbo loans with only 5% down payment. Also currently home owners that have a Jumbo loan can refinance up to 95% with no mortgage insurance.  Here is a break down of the latest jumbo loan guidelines: This applies to both Jumbo purchase and rate-term Jumbo refinance transaction.

• 95% Loan to value: Up to $1,500,000: min 700+ credit score. Buyers can choose from a single loan up to $1,000,000 or a 1st and 2nd mortgage (80/15/5) combo up to 1 million.  Most Jumbo options require NO monthly mortgage insurance (PMI) depending on the property states.  
• 90% Loan to value:  Up to $2,500,000 with 720+ fico score
• 85% Loan to value: Up to $3,000,000 with  720+ fico score

Note: these requirements are as of 2016. As always, mortgage guidelines can change frequently, please be sure to visit the Jumbo blog for the latest requirements.

California Jumbo Mortgage Requirements:

• Income: buyers must documented with W2 and pay stubs.  Self employed 1099 buyers will need to provide two years of tax returns.
• U.S. citizens only.
• Bank Saving and assets:  must be well documented with two months of savings, retirement accounts, statements. Most jumbo loans programs will also require a minimum of (3-6) months payment reserves.
• Your credit history: Credit scores of 700 or above to be approved for any jumbo programs over 90% LTV. Lower credit scores down to 660 can be approved with higher down payments.
• Single family homes, town homes and condos eligible
• Primary Residence, vacation homes.  Down payment requirements will increase when the property is a vacation home

Benefits of 5% down payment Jumbo mortgage:

• Single Family Homes, Town Homes and approved Condo eligible
• Same day loan pre approvals, with in-house underwriting
• The convenience of one loan for the entire loan amount instead of having multiple mortgages
• Financing available up to $5,000,000
• Fix and adjustable rate mortgage (ARM) options available
• NO origination fee on Jumbo fixed-rate or adjustable-rate mortgage home loans for purchase transactions. No origination fee significantly reduces closing costs for buyers.
• No monthly private mortgage insurance (PMI) option
• Fast loan pre approval process – takes only a few min. To begin just contact us below.

Military Vets should also take the time to read here about VA Jumbo loans. 

Have questions? Please contact us at ph:800-962-0677 or visit http://JumboMortgageSource.com  We serve home buyers across the nation.  We serve buyers throughout the U.S. including CA: Los Angeles, San Diego, San Jose, San Francisco, Fresno, Sacramento, Long Beach, Oakland, Bakersfield, Anaheim, Santa Ana, Riverside, Stockton, Chula Vista, Fremont, Irvine, Malibu