5 Percent Down Payment Jumbo Loan California
What’s A Jumbo Loan?
A Jumbo Loan, otherwise known as a 5 Percent Down Payment Jumbo Loan is a loan that’s above the conventional loan limits. This limit is set by Fannie Mae and Freddie Mac, who purchase loans from lenders. If a loan amount is higher than $510,400 in most counties then neither of the two government-sponsored entities will purchase that loan but in counties such as ALAMEDA, CONTRA COSTA, LOS ANGELES, MARIN, NAPA, ORANGE, SAN BENITO, SAN FRANCISCO, SAN MATEO, SANTA CLARA, and SANTA CRUZ loan amounts are allowed up to $765,600 before they are considered a Jumbo loan. Typically, both Fannie and Freddie buy the bulk of U.S. residential mortgages from banks and other jumbo lenders, freeing up liquidity to lend on more mortgages.
What are the requirements for getting a Jumbo loan in California?
- Borrower’s credit score should be 680 minimum to be eligible, borrows with 15% down or higher can have credit scores down to 610.
- No Mortgage Insurance Required.
- Both 80/15 combo loans (piggie back seconds) and a single 95% LTV jumbo loan offered – along with an array of 90%, 10% down payment options.
- Standard full amortized (principal and interest) program terms available. This includes 15 and 30 yr fix and adjustable 5-1, 7-1, 10-1 ARM’s.
- Buyers should have 6 to 9 months of reserves after closing. The term “reserves” refers to the amount of savings a buyer has remaining after their down payment and closing costs.
- This program is available for single-family residential housing (regular house, townhomes, and condominiums) Multi-unit, vacant land, and commercial properties are not eligible.
- Debt to income restrictions is generally limited to 43%. However, these limits can be exceeded in certain cases to 55% depending on factors like the loan amount, credit score, down payment, and overall strength of the home buyers profile.
- No BK, Short-Sales, or Foreclosures in the previous 4 years for a 5% down payment loan, we offer a variety of jumbo loan options with no waiting periods and prior 30 and 60-day late mortgage payments are ok.
- Gift funds, co-signers, and first-time home-buyers are allowed.
- Self-Employed borrowers may want to take advantage of our bank statement loans.
- Veterans may want to take advantage of a zero down payment VA jumbo loan.
- No waiting after a Short-Sale, Foreclosure or BK with 15% down-payment
- California Conforming loan limits for 2020
Basic Loan Amount and Down Payment Caps.
- 95% Jumbo Financing – available up to $2,000,000 (680 credit required)
- 90% Jumbo Financing – available up to $3,000,000 (660 credit required)
Super Jumbo Loan Options Available up to 10 Million
Comparing Current California Jumbo Mortgage Rates
Finding the lowest California jumbo mortgage rates is very important, that’s why we’ve already searched them for you, getting the lowest rate possible could save you hundreds of dollars a year and thousands of dollars over the life of your loan. Yes, having us find you the best mortgage rates is a big deal.
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First Florida Financial was highly recommended by a friend to help with a complex home sale. Eddie and his team found solutions quickly that no other mortgage experts could develop. I closed quickly with no issues. The Ezip process is super easy and fast and Eddie”s team is on the...read more→
Dealing with First Florida Financial was truly a great experience. Eddie got back to me immediately in the early stages of the loan and got the ball rolling quickly! After our initial conversation, I felt confident that Eddie was going to get the job done. Our loan was very time...read more→
Applying for a loan is extremely stressful but my experience has been amazing. Eddie always puts the client's interest first and is extremely honest and respectful. He is of unparalleled caliber and authenticity. He is on the ball and his team is great to work with. They do not make...read more→
We want to thank a million times to Eddie Hoskins and his team at First Florida Financial Group. Everything, from initiating contact with Eddie on a Saturday afternoon about five weeks ago, until the closing day, today, all efforts to make this purchase happen were outstanding on their part. Our...read more→
Eddie and Simone exceeded my expectations. Eddie's team was able to offer me a loan that very few lenders do with less money down. We went through the process without any major hiccups and I was able to close on my home much earlier than expected. Simone was especially kind...read more→
From the first call to the closing Eddie and his team were available 7 days a week for any question or even to just guide us through the process. He takes the time to remind you of things that should be considered even when he might not benefit him directly....read more→
I found First Florida through a web search borne out of frustration. I knew there had to be financing out there that would allow me to get a large mortgage with very little down and no PMI. Traditional lenders wanted 10% down minimum. My credit union would do a loan...read more→
I found Eddie and First FL Financial solely by accident doing an internet search. I could of not been happier that I did. I have never met him in person, but can tell that he cares about the customers he serves. The service is incredible. Eddie will respond to all...read more→
Eddie and his team are amazing and a pleasure to work with every step of the way! Eddie is by far the best mortgage person I have ever known and my real estate agent, who has over 30 years experience, said the exact same thing about him. His team is...read more→
Eddie and Simone were awesome to deal with. The entire process was handled professionally and smoothly. I can honestly say that this was the first time that I have purchased a property where the transaction was handled without a lot of drama. This is the 7th property I have acquired...read more→
Waste no time. Eddie will get the job done. I started working with big banks assuming I was in good hands. My wife found Eddie searching online and I was skeptical. Eddie reviewed my case and told me in advance the outcome of my loan process with banks (frustrating process...read more→
Eddie and his team did a fantastic job. I had a very complicated file and the team communicated thoroughly throughout the entire process and came up with solutions when others could not. With a complex file and a relatively quick closing, the team effort to push my closing across the...read more→
Excellent Company! I was looking for a Jumbo Loan and didn't want to put 20% down, I found a lot of lenders offering 10% down payment and then I found First Florida offering 5% Down. I must Say I got a GREAT Rate with no monthly mortgage insurance and we...read more→
I want to thank the entire team for getting us Thru the VA home loan process. Your E Zip Mortgage online system made it smooth and EASY. Being a return customer for the second time, Says it all! We will always highly recommend your company. Thanks
Eddie and his team did an excellent job preparing and guiding me through the application process. It was quick and painless compared to the many other mortgages I have applied for in the past. Thank you for the wonderful service.
Words cannot describe how grateful we are for Eddie Hoskins and his team. My family and I have recently relocated to FL from Mi. My husband just started a new job and we hit a roadblock with the financing. I called First Florida Financial Group as my last hope. Which...read more→
Eddie and the First Florida Financial team were nothing short of outstanding! This was, by far, the most straightforward, professional mortgage loan process we have ever experienced. Eddie has an amazing "can do" approach, is completely focused on success and finding solutions to any obstacles in the path to expeditiously...read more→
Eddie was my hero throughout the home buying process. I had a somewhat complicated situation, and he made the loan possible where others couldn't. The E ZIP process was fast and easy. We closed on time (within 30 days) where other companies couldn't. He even created an innovative loan package...read more→
Thank you, Eddie Hoskins and his dedicated and skillful staff were able to make the impossible possible! I will honestly say that he is the most competent and knowledgeable loan officer that I have ever worked with. This purchase would not have happened without you! Thank you!
Eddie, I know it has been over a week since we last spoke but we have been so busy with the move into our "new home"! The key word is HOME...not house or property, but HOME! The purchase of this lovely home of ours would not have been even remotely...read more→
Dear Eddie, I would like to personally thank you for your help in arranging the refinance of our home we built in St. James City. You not only delivered the loan in a timely manner, but you provided counseling service as well, which was greatly appreciated. With the state...read more→
Dear Eddie, Thank you for all your support during the last year. I will always recommend you for loans to my friends and family. You did an outstanding job getting my son through such a difficult closing. We are now very busy fixing up on a deadline. Walls have...read more→
Thank you, Eddie, for putting this mortgage together for me. I was operating on a meager budget with a limited amount of savings and you came through for me. Your supporting staff was amazing, always available to take my calls and patiently explaining whatever I may have trouble understanding....read more→
Eddie Hoskins and his team at First Florida Financial really helped me when others had declined on me. He was able to work out a deal in a very short time frame that ended up being less expensive than the Quicken Loan deal that I was originally trying for....read more→
Eddie Hoskins Founder & CEO
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