To purchase some properties in Corona or the surrounding area, you might need to borrow above the Fannie Mae and Freddie Mac conforming loan limits. When that is the case, a jumbo loan can help you buy your dream property.
What is a Jumbo Loan?
A jumbo loan is also called a non-conforming loan. It is a type of conventional loan. That means that no government agency is guaranteeing it.
The difference between a jumbo conventional loan and a conforming conventional loan is that the jumbo loan can exceed the conforming loan limits for your county.
That means that you can borrow more money through a jumbo mortgage than you can using a conforming conventional loan.
Do You Need a Jumbo Loan in Corona?
To find out whether you need a jumbo loan, first, look up the conforming loan limits for the county where you are purchasing a home.
These conforming loan limits apply to most counties nationwide, including Riverside County, California:
- 1 unit: $726,200
- 2 units: $929,850
- 3 units: $1,123,900
- 4 units: $1,396,800
There are some counties in Southern California that have higher conforming loan limits to reflect their higher cost of living. This is also true in other states.
During your consult, we will let you know the conforming loan limits for the county where you are home shopping.
Qualifying for a Jumbo Mortgage in CA
A more rigorous assessment is needed to qualify for a jumbo mortgage since you are borrowing more money than you would with a conforming loan. We will look at:
- Your credit score
- Your DTI ratio
- Your income
- Your employment status and history
- Your down payment ability (should be 15% or more)
- Your cash reserves (6 months or more)
Two appraisals are an additional requirement for a jumbo mortgage.
Can you get a jumbo mortgage to buy your first home? Yes. During your consult, we can let you know if you qualify.
Buy a Home with a Jumbo Loan Now
Please contact us today at (951) 531-1399 to schedule your consultation for a jumbo loan. We work with homebuyers throughout California, Florida, Oregon, Nevada, Colorado and Washington State.
