In California, many homes fall within the conforming loan limits set by Fannie Mae and Freddie Mac, which means that they can be purchased using conventional loans. But many homes within San Diego county exceed these limits, which means that they can only be purchased using jumbo loans.
While the median home value currently falls below these limits, there are still many homes which do require jumbo loans to purchase.
Shopping for a jumbo loan is very much like shopping for a conventional loan, but you will find that the requirements are more stringent, because the loan is perceived of as carrying more risk. For this reason, you will need to be ready to meet the following additional requirements:
Because of these added requirements, it is extra important to make sure you are getting competitive rates and friendly terms on your jumbo loan.
Maureen Martin with HomePlus Mortgage is a direct lender, not a mortgage broker. That means that when you work with us, there is no middleman, which helps us reduce costs and offer some of the most competitive jumbo loan rates. Everything is done in-house, and we focus on providing excellent communication, customer service, and flexibility through the entire application process. Give us a call today at (619) 857-7191, and we will set up a consultation!
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