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.

Current California Jumbo Mortgage Rates

When you “CLICK HERE” you’ll instantly see today’s lowest California jumbo mortgage rates. If you see an interest rate you like, you can click to head straight to get your Custom Rate Quote.

Our reviews speak for themselves.

Expert advice at your fingertips

Our home loan experts are available 7 days a week to answer all your home loan questions. We don’t keep bankers hours…. we understand that you have busy schedules, that’s why we’re available nights and weekends.

Eddie Hoskins Founder & CEO

“My mission is to give our clients their most enjoyable home buying experience, I’m focused on making sure there process is simple.”

Why should you choose us for your home loan?

We work for you & not the bank, we offer wholesale mortgage rates which are lower than retail rates not to mention, we offer a wide variety of loan options so your not stuck with one set of restrictive underwriting guidelines.

Credit scores a little low?

We have a credit score analyzing tool that can provide us with options to improve your credit scores quickly through a rapid credit rescore that usually takes 48 hours.

“We Think Outside The Box”

Our “Outside The Box Thinking”  gets home loans approved and closed every day! From one-year business tax returns loans to 55% debt to income ratio approvals, we close them all.

We’ve streamlined the mortgage process, close in 30 days or less.

From application to closing, all from the palm of your hand.

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