Get more buying power with a Jumbo Loan!

We Provide Low Jumbo Loan Rates and Can Close Your Loan in as Little as 21 Days

What Is a Jumbo Loan?

A jumbo mortgage is a mortgage that exceeds the loan amount limits set by the FHFA (Fannie Mae & Freddie Mac). On average, a jumbo loan in California is any mortgage loan that exceeds $647,200.  However, in certain high-cost areas in California, higher jumbo loan limits exist as a result of the higher cost of living and some of these high-cost areas have jumbo loan limits that start at $970,801. If you need a loan that exceeds the limit set for your area, you'll need to apply for a jumbo loan, which may result in higher interest rates and stricter requirements/guidelines to qualify.

Despite having slightly higher interest rates and stricter qualifying requirements, jumbo loans are still very competitive. 

Here is a quick guide that can help you decide if a jumbo loan is right for you. 

Property Types:

You can use a jumbo loan to purchase a primary home, a second home or an investment property. Condos, single-family homes and multi-family properties (2-4 units) are all eligible for jumbo loan financing.

Credit Score

Given that qualifying requirements are tougher for jumbo loan financing, credit scores typically need to be at least 680 or above. However, applicants with lower credit scores can still obtain jumbo financing but a higher down payment (more than 30%) may be required.

We Provide Low Jumbo Loan Rates and Can Close Your Loan in as Little as 21 Days

Benefits of Choosing a Jumbo Loan

  • Only a 3.5% down payment is required for loan amounts up to $1,500,000 when buying a primary home. A 10% down payment is required when purchasing a second home.
  • No PMI requirements allow borrowers to save thousands of dollars over the life of their loan. Private Mortgage Insurance is required on all FHA and conventional loans that are over 80% loan to value.
  • Debt to income ratios for jumbo loans can be up to 45%. A borrower’s debt to Income ratio is a comparison of money earned vs money owed.
  • Down payment requirements for jumbo loan financing are nearly identical to that of conventional loans. For example, borrowers do not need a 20% down payment in order to buy a $2,000,000 home. When buying a luxury primary home, borrowers can put down as little as 10%.
  • Jumbo loan terms are available as 15-30 year fixed rate loans or 5, 7 or 10 year ARM (Adjustable Rate Mortgage) loans.

If you're looking to buy a home in a high-price market, most likely you'll need a jumbo loan. The good news is, that these loans are much easier to obtain now than they were just a few years ago.  We can close a jumbo loan in just 21 days! Unlike other lenders, we underwrite jumbo loans in-house which allows for a quicker and more seamless funding process.

Benefits of Choosing a Jumbo Loan

Your Home Loan Could Be Fully
Funded 21 Days From Now

  • fixed rate

  • Adjustable Rates Mortgage

  • Conforming

  • jumbo and super
    jumbo loans

  • FHA, VA, &
    USDA Loans

  • Terms from
    5 to 30 Years

Get Your FREE Jumbo Loan Quote Now!

If you are ready to get rolling, you can start your application right now!  If you have questions, feel free to contact us at 844-4 MODERN to discuss your lending needs.