San Bernardino Jumbo Home Loan
Sometimes the price of a home will exceed the conforming loan limits set by the Federal Housing Finance Agency (FHFA), especially in competitive real estate markets. That’s where a jumbo loan comes in.
Who It’s For
To qualify for a jumbo loan, you’ll need a great credit score and a low debt-to-income (DTI) ratio. You can buy a primary residence, investment property, or vacation home if you fit the requirements.
The minimum credit score you’ll need is 640, although getting approved with a lower credit score is possible.
Down Payment Flexibility
The down payment requirement for a jumbo loan can, in some instances, be as low as 5% to 15%.
Competitive Interest Rates
Although jumbo loans can be inherently riskier for lenders, interest rates are quite competitive.
Jumbo loans come in many different varieties and can be tailored to fit the borrower and their budget.
- A strong credit score, typically 680 or higher
- Low debt-to-income (DTI) ratio
- High cash reserves
- Proof you’re in good financial health
What type of homes can I buy in San Bernardino with a jumbo loan?
You can use a jumbo loan to purchase a:
- Single-family home
- Manufactured home
- Vacation home
- Investment property
What is a conforming loan limit?
Loan limits are established on a yearly basis by the FHFA and refer to the maximum dollar amount Fannie Mae and Freddie Mac will buy or guarantee. Currently the conforming loan limit for a single=family home is set at $647,200 and can go as high as $970,800 in certain high cost areas. Higher loan limits are also available for 2-4 unit properties as well. To find out the loan limit in your county, you can perform a search using the U.S. Department of Housing and Urban Development’s online tool.
Are both 15-year and 30-year loans available?
Yes. You can opt for the traditional 30-year loan or choose a 15-year loan to build equity faster and take a shorter path to full homeownership.
Can I get either a fixed-rate or adjustable-rate jumbo loan?
Yes, either option is available. However, many borrowers opt for the adjustable-rate jumbo loan, which can offer lower interest rates than a fixed-rate jumbo loan.
We would like to thank Jeff Aguilera for the time and knowledge he provided my wife and I with a very smooth transition in the purchasing of our house. Our real estate agent Emily suggested we go with Jeff and he did not disappoint. So thank you very much, again Jeff. It was a true pleasure working with you.
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FHA loans are backed by the Federal Housing Administration and are especially popular with first-time home buyers.
VA loans offer great benefits, such as low interest rates and no money down, for active-duty military members, veterans, or sur viving spouses.
Private lenders offer conventional loans designed for those with good credit scores and a low debt-to-income (DTI) ratio.
USDA loans are designed for those interested in purchasing an affordable home that’s located in a rural area.
Some homes are priced above conventional conforming loan standards, and that’s where the jumbo loan comes in.