Jumbo Mortgage Loans for Southern Californians
Posted by Summit Lending on May 5, 2017
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Living in gorgeous Southern California, comes at a price. Home to some of the nation's most expensive housing markets, home prices have been rising for several years in areas including Orange County, Los Angeles County, San Diego County, Ventura County, Riverside County and San Bernardino County. Although this past year, conforming loan limits were raised in many of SoCal's expensive housing markets, the median home price in many areas far exceeds the conforming limits.
For example, last month, the median home price in Orange County hit $665,000, tying for the highest median price ever, according to CoreLogic. At the same time, conforming loan limits for Orange County are $636,150. This means that for many buyers in Orange County, a jumbo loan will be required to purchase a home. The same limit of $636,150, applies in Los Angeles County, and Ventura County.
In Riverside County and San Bernardino County a jumbo loan will be required for a loan of more than $424,100. Jumbo loans will also be needed for homes in San Diego of more than $612,950.
But that does not mean that obtaining a jumbo loan is out of reach. In fact, jumbo loans are readily available through the experienced team at Orange County based Summit Lending, a top Yelp! reviewed, full service mortgage broker and direct lender.
It is worth noting however, that jumbo loans often come with more stringent lending requirements. For example, they will typically require a larger down payment, and verifiable proof of plenty of reserves. Jumbo loans in SoCal may also have a slightly higher interest rate as well, though in some cases the difference between the interest rate on a conforming loan and a jumbo loan will not be significant.
Before deciding if a jumbo loan is right for your home purchase in Southern California, consult with an established, trusted, and top-rated Southern California mortgage broker. Through working together with a reputable mortgage broker, you will be able to determine the best mortgage loans for your needs.
Summit Lending's Southern California based team of experienced and reputable mortgage brokers and professionals have decades of experience in helping homeowners and home buyers throughout the state of California to obtain jumbo loans at the best rates available.
With offices throughout Southern California, Summit Lending is headquartered in Huntington Beach, serving all of Orange County, Los Angeles County, Riverside County, San Diego County San Bernardino County and Ventura County. We are able to provide fast loan approvals, quickly answer your questions, and secure the best mortgage loans with the best rates available. Our dedication to exceptional customer service has earned us top reviews online, as a trusted full service mortgage broker and direct lender. Please call (888) 451-9006 or contact us online for more information.