Your Pandemic Guide to a Jumbo Mortgage

Mortgage and Lending with Guaranteed Rate, Marin County, CA NMLS: 22343

Your Pandemic Guide to a Jumbo Mortgage


"Our Realtor said it's very difficult to get a jumbo loan these days."

"We tried to do a cash out jumbo refi on our place but our bank told us that they're not doing those anymore."

"We wanted to refinance our jumbo loan but by the time we did the research the rates weren't any lower than what we have already."

"Is it possible to refinance a jumbo loan without having to move our savings and investments to the bank who's making the mortgage?"

"We have a 20% down payment and are looking to buy a house that requires a jumbo loan.  We had no idea that would be so difficult.  Why are banks now telling us we need more than 20% down?"


As we go into the second half of 2020, it's unquestionably true that we've seen a complete reshaping of the mortgage industry due to financial turmoil wreaked by the COVID-19 pandemic.  And one of the products under most pressure has been the jumbo loan --- programs that accommodate loan amounts greater than the conforming or FHA limits.  Access to this tier of credit is essential to the higher-cost coastal real estate markets as well as to larger cities with luxury markets, like Chicago.  So is the home buyer or owner looking to refinance out of luck if he or she needs a competitively-priced jumbo loan?  Fortunately, the answer is a resounding "NO!," though some research may be required to find it.


As of June 1, 2020, here are some of the jumbo mortgage options we will permit:

  • 20% down payment purchase jumbo mortgages to $3MM.  Max purchase price is $3,750,000 in this case.
  • Cash out refinances to 70% loan-to-value (LTV).  Cash out amounts can exceed $250K.
  • Jumbo purchase and refinance mortgages that do NOT require transfer of assets to us.
  • 10% down payments on jumbo mortgage options.
  • "Rate and term" refinances to 80% LTV, up to a $3MM loan amount.


While we are not out of the pandemic woods yet, we expect that our jumbo options will continue to strengthen and expand so long as real estate sales remain robust.  While much of the country can make do with conforming loan products there are many key markets that rely on efficient and cost-effective jumbo loans.  We're here to address that need if it applies to your scenario.


Go big and/or go home,


Rob Spinosa
Vice President of Mortgage Lending

Guaranteed Rate
NMLS: 22343 
Cell/Text: 415-367-5959


Marin Office:  324 Sir Francis Drake Blvd., San Anselmo, CA  94960

Berkeley Office:  1400 Shattuck Ave., Suite 1, Berkeley, CA  94709

*The views and opinions expressed on this site about work-related matters are my own, have not been reviewed or approved by Guaranteed Rate and do not necessarily represent the views and opinions of Guaranteed Rate.  In no way do I commit Guaranteed Rate to any position on any matter or issue without the express prior written consent of Guaranteed Rate's Human Resources Department.


Guaranteed Rate. Illinois Residential Mortgage Licensee NMLS License #2611 3940 N. Ravenswood Chicago, IL 60613 - (866) 934-7283


This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Lending / Financial
California Santa Clara County San Jose
The Lounge at Active Rain
Local Expert
Addicted to Active Rain
home loan
down payment

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Nick Vandekar, 610-203-4543
Long & Foster Real Estate Inc 610-225-7400 - Devon, PA
Tredyffrin Easttown Realtor, Philly Main Line

Jumbo loans got hit hard and fast as Wells and Chase both pulled back from what we heard from our local lenders, although Chase not as much as Wells.

May 28, 2020 08:08 AM #1
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Rob I am not in a Jumbo market, but we saw a significant change in March and April.  We are just now starting to offer them again.  Good to hear you are able to continue to offer Jumbo's.

May 28, 2020 03:04 PM #2
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Rob, you and I were on the same wave length today talking about questions we're hearing. If we didn't have jumbo loan products in our area, the market would dry up, fast. 

May 28, 2020 10:57 PM #3
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Good morning, Rob Spinosa the bottom line is there is money available but not for risky situations......only solid applicants....

May 29, 2020 03:09 AM #4
Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

Thanks for the clarification, Rob. Always good to know as we do deal with clients who often choose a jumbo if they need/choose to finance. 

May 30, 2020 06:57 AM #5
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?


Rob Spinosa

SVP of Mortgage Lending, Marin County
Can I Get a Jumbo Loan with 10% Down?
Spam prevention

Additional Information