Jumbo Mortgages are mortgages that exceed the national or local county mortgage limits. These types of loans are also known as a “non conforming” mortgage. Currently the FHFA has loan limits for California in 2022 set at $647,200 for most all areas. For higher cost areas like Los Angeles, Orange County, San Francisco and a host of other counties in California, the limit is up to $970,800.  A Jumbo Mortgage is utilized when these “conforming” amounts are exceeded.

Jumbo mortgages typically require more stringent qualifying criteria.  These criteria usually include a higher credit score, lower debt-to-income ratios (DTI) and more reserve asset than a conforming mortgage.

The team at Integrated Lending Group has been helping California homeowners obtain Jumbo mortgages for over 20 years.

Jumbo mortgages sometimes have a higher interest rate than a conforming loan.  The increase in interest rates can range from .25% to 1.5%.  The rate is determined by the size of the loan, the borrowers credit scores and the amount of down payment.  

Additionally, depending on the value of the property, two appraisals may be needed in order to satisfy the underwriter.

Your mortgage professional at Integrated Lending Group can help you determine if a Jumbo Loan in California is the best choice for you and your family.