Affinity Mortgage offers jumbo loans for clients looking for their high value home. Although the requirements are stricter than they used to be, Chris Johnson has the experience to guide you through and over any hurdles to owning the luxury estate of your dreams. If you’re seeking a jumbo loan in Campbell CA, Milpitas, or San Jose, give Chris Johnson a call at (408) 687-6109 today!
Jumbo loans are home loans that are bigger than normal. They exceed the “conforming limit” — the maximum loan amount that Fannie Mae and Freddie Mac will buy. The conforming limit varies by location. In most housing markets, it’s $424,100. In the most expensive housing markets, such as San Jose, any home loan of more than $636,150 is a jumbo. A few places are in between. Ultimately, the county you plan on living in determines whether you are Conventional or Jumbo. Each county has different limits, so it is important to see the California Loan Limits.
In the “loose” years, around 2003 to the middle of 2007, lenders steadily relaxed their standards on jumbo loans to compete for customers. Borrowers easily got jumbo mortgages without having to verify the income stated on their loan applications. Many lenders gave jumbo loans to homebuyers putting just 5 percent down — for example, buying a half-million-dollar house with $25,000 down, and borrowing the remaining $475,000. We all remember how that worked out!
Beginning in August 2007, a credit squeeze scared lenders away from the jumbo market. Jumbos gradually returned, but with tougher requirements. To qualify for a jumbo loan today, you should expect:
* To make a down payment of at least 20 percent for a purchase (or have at least 20 percent equity in a refinance).
* To document your income.
* To get an adjustable-rate loan, because fixed-rate jumbos are relatively rare.
* For your monthly mortgage payment to be no more than 38 percent of your income before taxes.
It pays to shop around for a jumbo loan because these loans aren’t commodities. With Affinity Mortgage – Chris Johnson, your Caliloanpro has all the access to jumbo loan programs to get you into the home of your dreams! Call Now to see what you can qualify for.
Although Chris is located in Campbell CA, he also works with clients in San Jose CA, Los Gato CA, Cupertino CA, Sunnyvale CA, Milpitas CA and Fremont CA, as well as the entire San Francisco Bay Area.