JUMBO Loans In Palmdale
What is a JUMBO Loan?
JUMBO loans are mortgages set aside exclusively for the financing of properties that are too expensive for conventional conforming loans. Since the maximum amount you’re typically allowed to finance with a conventional loan is $647,200*, you may need to seek out additional financing in the form of a JUMBO loan. Here in the Palmdale market, the average home price has skyrocketed in recent years, and in most zip codes — including here in 93551 - where the mean purchase price is now much higher. So, if you’re a local Los Angeles County buyer, you’ll likely need to consider a JUMBO loan to finance your new home.
*Each county and lender’s conforming loan limits may vary, so click here to see what your county’s conforming loan limits are.
Frequently Asked Questions About JUMBO Loans
JUMBO Loans VS. Conventional Financing
Both JUMBO loans and conventional loans have requirements for approval, such as high credit score, proof of income, low DTI, and so forth. But, as we mentioned before, JUMBO loans are for homes with high purchase prices above your county and lender’s conforming loan limits.
Conforming Loans Jumbo Loans Min. down payment 3% with PMI (20% without PMI) Typically between 10% and 30% Max DTI 50% 38% to 43% Mortgage insurance required with down payments under 20% Varies per lender Min. credit score 620 Sometimes as low as 680, but typically 700 or higher Closing costs usually lower than jumbo loans can be higher than conforming loans due to manual underwriting, additional appraisals, etc.Loan limits $548,250 to $822,375 Depends on the lender, but can be in the millions
| Conforming Loans | JUMBO Loans | |
|---|---|---|
| Minimum Down Payment | 3% down with mortgage insurance | Between 10-30% |
| Max DTI | 50% DTI | Between 38-43% DTI |
| Mortgage Insurance | Required for borrowers who want to put less than 20% down | This varies depending on who your lender is |
| Min. credit score | At least a 620 credit score | At least a 680 credit score, but typically 700 or higher. |
| Closing costs | Typically lower than JUMBO loans | More Expensive than Conforming Loans |
| Loan limits | Loans are limited at 970,800 for high-cost areas | May be in the millions depending on your qualifications and lender |
How to Get a JUMBO Loan in Palmdale?
To see if you’re qualified for a JUMBO loan here in the Los Angeles County market, check out our loan calculator or get in touch with California Mortgage Girl to see if you qualify.
How to qualify for a JUMBO Loan in Palmdale?
To qualify for a JUMBO loan in Los Angeles County, you need to provide us with a number of financial documents that prove your income, DTI, credit score, and more. JUMBO loans apply only to homes that fall outside the limits of a typical conforming loan, so check in with our team to see what loan type is right for you.
Finding a JUMBO Mortgage Lender In 93551
You’ve already found us! Our team here at California Mortgage Girl can help answer all of your questions about JUMBO home loans for your next home purchase. Get to know our team and why we’re the best option to guide you through the process of securing a JUMBO loan.
10% Down Jumbo Loans In Palmdale
Compared to Conventional loans, JUMBO loans have slightly higher down payment requirements. However, if you’re qualified, you may be eligible for a JUMBO loan with only a 10% down payment requirement. Reach out today to see what criteria you need to meet to get approved for a low down payment JUMBO loan in Antelope Valley, CA.
What are the JUMBO Loan Limits In California
The limits for JUMBO loans are determined by your personal financial situation and your lender’s terms/offerings. Our team can assist with determining what the loan limit on your personal JUMBO home loan application is.
Get a Palmdale JUMBO Loan rate quote:
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My 25+ years of lending experience has put me in touch with the first time homebuyer to the most complicated self-employed entrepreneur with multiple properties and complex tax returns. My goal is always the same – provide useful and reliable information so the Customer can make an informed decision before entering into a real estate transaction.
This is not a commitment to lend or extend credit. Programs, rates, terms and conditions are subject to change without notice. Terms and conditions apply. Consult your accountant about tax deductions.
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