Jumbo Loans in Sacramento and Roseville
You can purchase many beautiful homes in California with a conventional conforming loan, but sometimes you need to borrow more than is possible with the conforming mortgage.
If that is your scenario, you need a jumbo loan.
What is a Jumbo Mortgage?
A jumbo loan is a product which allows you to borrow more than you can with a conforming loan.
Although a jumbo mortgage is a type of conventional loan, usually when we talk about conventional loans, we are referring to conforming mortgages.
You can learn more about conforming loans on our conventional loan page.
Do You Need a Jumbo Loan in California?
Fannie Mae and Freddie Mac set the conforming loan limits individually for counties in California and across the US.
There are high-cost counties in California where the conforming loan limits are also higher. Likewise, there are also counties which are less expensive and which have lower conforming loan limits.
If you need to borrow above the limits for your county, it will be necessary to apply for a jumbo loan.
If you are not sure whether you qualify for a conforming loan or need a jumbo mortgage for the county where you are purchasing a home, Cindy Steelman can help you identify the appropriate mortgage product for your needs during your consultation.
Do You Qualify for a California Jumbo Loan?
The process of applying for a jumbo mortgage is very similar to that of applying for a conforming conventional loan.
Lenders will look at the same basic factors to determine your eligibility, including your credit score, DTI ratio and income.
To obtain a competitive jumbo mortgage, however, you will need to have a more competitive borrower profile then you might for another type of loan.
Additionally, down payment requirements for jumbo mortgages in California usually range between 15% and 30%.
You will need enough money set aside to cover the down payment plus six months or more of cash reserves.
Whereas you would probably need just one appraisal for a property if you were applying for a conventional loan, for a jumbo mortgage, it is possible that you will need to have the property appraised twice.
Apply Now for a Competitive Jumbo Mortgage
Cindy Steelman can help you apply for a jumbo loan with a competitive mortgage rate if you are in Roseville, Sacramento, or elsewhere in California.
To get started, please call (916) 847-7263 to schedule your consultation.