Discover Boundless Luxury with Jumbo Loans
Your Dream Home Awaits
Whether you're eyeing a cozy suburban home within FHA thresholds or venturing into the luxury market requiring a jumbo loan, grasping these distinctions is crucial.
What is a Jumbo Loan?
A Jumbo Loan is a mortgage that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA). Unlike conventional mortgages that are guaranteed by Fannie Mae and Freddie Mac, jumbo loans are designed to finance high-value properties in competitive real estate markets.
What is a Super Jumbo Loan?
Super Jumbo Loans go beyond the loan amounts of standard Jumbo Loans, offering financing for extremely high-value properties. These loans are for amounts significantly above the average loan limits and cater to borrowers purchasing luxury properties or homes in exceptionally high-cost areas.
Types of Jumbo Loans
Fixed-Rate Jumbo Loans
Offer a fixed interest rate for the entire term of the loan, providing stability in monthly payments.
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Adjustable-Rate Jumbo Loans
Feature an interest rate that can adjust after a certain period, often starting with a lower rate than fixed-rate loans.
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Interest-Only Jumbo Loans
Allow borrowers to pay only the interest for a set period, after which they begin paying off the principal.
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1
Conforming Loan Limits for 2023
- For most of the United States, the baseline conforming loan limit for a single-family home in 2023 is set at $726,200. This represents an increase from previous years, reflecting rising home prices across the country.
- In high-cost areas, where 115% of the local median home value exceeds the baseline conforming loan limit, the limit can go up to a maximum of $1,089,300 for a single-family home. These high-cost areas include certain metropolitan regions and counties in states like California, New York, and others.
2
FHA Loan Limits for 2023
- FHA loan limits also vary by county and are based on median home prices.
- For most counties, the 2023 FHA loan limit for a single-family home has been increased to match the baseline conforming loan limit of $726,200.
- In high-cost areas, the FHA loan limit for a single-family home can also go up to $1,089,300, similar to conforming loan limits.
- FHA loan limits are lower in certain lower-cost areas, with a minimum limit set at $472,030 for a single-family home in 2023.
3
Jumbo Loan Limits:
- Jumbo Loans are those that exceed the conforming loan limits set by the FHFA. Therefore, any loan amount over $726,200 in most areas and over $1,089,300 in high-cost areas would be considered a jumbo loan.
- Super Jumbo Loans, although not officially categorized by a specific limit, generally refer to loans that significantly exceed jumbo loan amounts, often starting at $2 million or more.
4
Benefits of Jumbo Loans
- Access to High-Value Properties: Enables borrowers to finance luxury homes and properties in competitive markets that exceed conforming loan limits.
- Competitive Interest Rates: Despite the higher loan amounts, jumbo loans often come with competitive interest rates, especially for borrowers with excellent credit.
- Flexible Loan Terms: Lenders may offer more flexible terms and conditions for jumbo loans to accommodate the needs of high-net-worth individuals.
- Potential for Higher Returns: Investing in high-value properties can offer the potential for significant appreciation and returns on investment.
Adjustable-Rate Mortgages (ARMs) stand out as a strategic choice for certain homebuyers.
Whether you're looking to purchase your first home, invest in property, or find an affordable path to homeownership, ARMs provide a unique solution that can be tailored to fit your evolving needs. Careful consideration and understanding of the loan's terms and conditions are crucial, ensuring that you make an informed decision that aligns with your long-term financial goals.
Five commons
Home Buying Myths
01
I Do Not need 20% down to buy a home.
02
I Do Not need perfect credit to buy a home.
03
I Do need a dedicated Loan Agent.
04
A 30-year, fixed-rate mortgage is not always the best.
05
Buying a home is always better than renting.
06
Ask a Loan Office to compare FHA vs Conventional.
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Can Loan Lock
give my Pre-approval Today?
01
I need to know how much I can qualify for
02
What is the difference between Pre-qualify and Pre-approval?
03
Can Loan Lock give me a Pre-approval today?
04
Can I lock my rate with my Pre-approval?
05
Can Pre-approval expedite my loan process?
06
I want Loan Lock to start my Pre-approval.
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Revitalize your financial future
Refinance today
01
I Do need to take cash-out for home renovation.
02
I Do need to lower my monthly mortgage payments.
03
I Do Not always need substantial equity for refinancing.
04
I Do Not have to have perfect credit for a successful refinance.
05
I Doneed expert loan advice to process the loan.
06
I Dohave other options than a 30-year fixed-rate mortgage.
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Unlock Your Dream Home with
LoanLock's Diverse Loan Program
01
Do I need 20% & up for the down payment
02
Can I get Assets Depletion loans available?
03
Can I get a loan if I’m self-employed – 1099 Loans?
04
Can I get a Bank Statement Loan with 660+ credits?
05
Can I get No Ratio DSCR Loans?
06
Can I get a loan up to 6.25 MM with 680+ FICO?
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Our Loan Programs
5 - 8 UNIT
MIXED USE DSCR- •660+ FICO
- •Min. DSCR 1.00
- •Loans to $2MM
- •Interest-Only Available
- •5-8 Units Allowed
- •$1M Max Cash-Out
- •Mixed Use Limited to Retail/ Office
1099
Loans- •Credit Score Start at 660
- •Loans to $ 4MM
- •55% Max DTI (Primary)
- •LTV to 90%
- •Unlimited Cash Out
- •Non-Warrantable Condos
- •Condotels OK
Bank Statement Loans
- •Credit Score-660
- •Loans upto $ 4MM
- •LTV to 90%
- •55% Max DTI (Primary)
- •Unlimited Cash Out
- •Non-Warrantable Condos
- •Condotels OK
CALHAF - Home
Assistance DPA- Credit Scores - 680
- LTV to 97%
- MI Required
- Loans to 3% of the Appraised Value
- Secondary Financing to accompany a CalFHA
- Mortgage
- First - Time Home Buyer Opportunity
Blanket DSCR
Loans- 680+ FICO
- LTV* to 80%
- Fixed Loan
- Min. DSCR is 1.0
- Loans to $6.25MM
- Multiple Properties
- Min. 2 and Max 25 Properties Allowed
- Purchase, Rate & Term,
- Cash-Out Allowed
- Investor Opportunity
ITIN
Loans- Credit Scores - 680
- LTV to 97%
- MI Required
- Loans to 3% of the Appraised Value
- Secondary Financing to accompany a CalFHA
- Mortgage
- First - Time Home Buyer Opportunity
Frequently Asked Questions
FAQs for first-time home buyers, providing clear and concise answers to common queries:
NMLS# 390320
NMLS# 237507
- Contact Us |
- Locations
714-814-2125 
6 Hutton Centre Drive,Suite 1030, Santa Ana,CA92707
Business Hours Monday - Friday 8:00 AM to 5:00 PM PST
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Phone: 714-814-2125
Address: 6 Hutton Centre Drive,
Suite 1030, Santa Ana,CA92707
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Phone: 714-814-2125
Address: 6 Hutton Centre Drive,
Suite 1030, Santa Ana,CA92707
Legal Disclaimer
Loan Lock Home Loans NMLS# 390320 is the Luxury Division of Loan Lock, NMLS# 237507, located at 6 Hutton Centre Drive Suite 1030, Santa Ana, CA 92707 does not provide legal, tax, or financial advice or guidance and is not associated with any government agency. This is not an offer for extension of credit nor a commitment to lend. Programs, rates, terms, and conditions are subject to change without notice. Certain restrictions may apply. All approvals are subject to underwriting guidelines and minimum credit requirements. Not all loans or products are available in all states. As a result of refinancing, your total finance charges may be higher over the life of the loan. Minimum and maximum loan amounts apply. For current licensure information, please visit: www.nmlsconsumeraccess.org.