California Jumbo Loan Highlights and Requirements

A jumbo loan is one that’s worth more than the conforming loan limit in your area.

This type of loan is usually needed if you want to buy a high-value property.

Jumbo loans typically have a higher interest rate than conforming loans, but they can be easier to qualify for.

Requirements for a jumbo loan in California

Jumbo home loans offer more flexibility than a traditional conventional loan, especially if you have significant amount of liquid assets.

You could qualify for a jumbo loan even with a high debt-to-income ratio, and a credit score as low as 600.

You can make a 10% down payment without having to pay for mortgage insurance, and if you are self employed you can qualify without having to provide your tax returns.

In 2022: A loan is considered a jumbo loan when the loan amount is over $647,500 depending on the county. Some counties may have a higher loan limit. For example, Los Angeles – a loan is considered jumbo when a loan amount is over $970,800 and for San Diego $879,750.

2023 UPDATE: Starting Jan 1, 2023, a loan above $715,000 will be considered jumbo.

You can checkout the limit for your county here.

Highlights of a jumbo loan:

  • Minimum of a 10% down payment (depending on credit score)
  • Don’t need to pay mortgage insurance
  • Minimum credit score is 600 (this is our requirements, other lenders may have different rules)
  • Interest rates are higher than a traditional loan
  • Qualify without having to provide tax returns
  • Use to purchase a primary residence, second home, or an investment property
  • Interest Only and 40 year mortgage options available

*Reserves usually required

Check out NonQm Loan Requirements for more information.

The Best Jumbo Loan is:

The best one is the VA jumbo loan. This loan is limited to veterans. It’s considered the best because a down payment isn’t required and the guidelines to qualify are lenient compared to the other programs.

Highlights of a VA jumbo loan:

  • Easy to qualify for
  • No down payment required
  • No mortgage insurance
  • Interest rate will be higher than a non-jumbo
  • Debt to income ratio can be as high as 55%

Credit score requirements for a VA Jumbo:

Note: These credit score minimum is what we offer here at Coole Home. Other lenders may have different score requirements.

  • A $648,000 to $975,000 jumbo loan requires a 620 credit score.
  • $976,000 and above requires at least a 630 credit score.

  • Are you looking to buy or refinance a home?
  • What is your price range?
  • Do you currently own a home?
  • What type of property are you buying?
  • When are you planning to make your home purchase?
  • Have you (or your spouse) ever served in the US military?
  • Have you declared bankruptcy in the past 7 years?
  • Is this your first time purchasing a home?
  • What is your current credit score?
  • What is your email address?
  • What is your name?
  • What is your phone number?


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