What Is A Jumbo Loan In Southern California?
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Jumbo loans are loans in excess of the conventional loan limits in California set by Fannie Mae and Freddie Mac. In many areas of Southern California, a Jumbo loan will be required for any loan over $453,100. However, in Los Angeles and Orange County, Jumbo loans are only required for loans in excess of $679,650. Jumbo loans may have higher interest rates than a conventional or conforming loan, and they will typically require a larger down payment, and require proof of reserves. Summit Lending's Orange County based team of top rated mortgage brokers have decades of experience in helping homeowners and home-buyers throughout Southern California to obtain Jumbo loans.