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What Amount Is Considered a Jumbo Loan in California?

Posted by Summit Lending on August 29, 2017
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With so many different types of loan products available, from government loans such as FHA, to VA loans for military veterans, to Fannie Mae and Freddie Mac loans, it's not surprising that first time homebuyers, and even experienced home buyers can be confused by the different types of loans.

That coupled with the fact that loan limits on various products change, may have you wondering, what amount is considered a jumbo loan in California?

The answer is: it varies. However, the cost of living in California is known to be higher than the national average, so the conforming loan limits in California are higher than in many places in the nation. In fact, the median home prices in areas such as Orange County, Los Angeles County, San Diego County, and Ventura County are much higher than elsewhere in the nation, and in the state. Jumbo loans are those loans which exceed the conforming loan limit amount for a specific region.

The current loan limits for conforming loans are:

Orange County: $636,150. Mortgage loans for homes in Orange County, CA that exceed this limit will be considered jumbo loans.

Los Angeles County: $636,150. Mortgage loans for homes in Los Angeles County, CA that exceed this limit will be considered jumbo loans.

Ventura County: $636,150. Mortgage loans for homes in Ventura County, CA that exceed this limit will be considered jumbo loans.

San Diego County: $612,950. Mortgage loans for homes in San Diego County, CA that exceed this limit will be considered jumbo loans.

Riverside County: $424,100. Mortgage loans for homes in Riverside County, CA that exceed this limit will be considered jumbo loans.

San Bernardino County: $424,100. Mortgage loans for homes in San Bernardino, CA that exceed this limit will be considered jumbo loans.

Just because jumbo loans exceed conforming limits, doesn't mean that you can't obtain this type of mortgage financing. On the contrary, at Huntington Beach based Summit Lending, jumbo loans are readily available with great interest rates.

It should be mentioned that the requirements for approval for a jumbo loan are typically more stringent than with a conforming loan. This may mean that you will need to provide a larger down payment. Interest rates are also typically a bit higher than conforming loan interest rates, though you'll have to confirm with an experienced, top-reviewed SoCal mortgage broker to confirm.

Through working together with an experienced, and highly reputable mortgage brokerage, you will be able to determine the best mortgage loans for your needs. Summit Lending's Huntington Beach based team of 5-star reviewed mortgage brokers and professionals have years of experience in helping home buyers in California to obtain jumbo loans at the best rates available.

Summit Lending is headquartered in Huntington Beach, with offices throughout California. We proudly provide home loans to buyers and homeowners in Orange County, Los Angeles County, Riverside County, San Diego County, San Bernardino County and Ventura County. Please call (888) 451-9006 or contact us online for more information.