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Jumbo Loans in Selma
Selma sits in California's Central Valley where most homes fall under conforming limits. Jumbo loans here typically finance agricultural estates, premium vineyard properties, or new luxury builds.
We see jumbo buyers in Selma targeting larger acreage with income-generating crops or upscale custom homes. These aren't your typical suburban tracts—they're properties that need specialized financing.
Jumbo lenders want 700+ credit scores minimum, though 740+ gets better rates. You'll need 10-20% down depending on loan amount—higher balances require bigger down payments.
Expect six months of reserves in the bank after closing. Lenders verify income more aggressively than conventional loans, especially for self-employed borrowers with farm income.
Not every lender touches jumbo loans in Fresno County. Big banks often price poorly here because they don't understand ag income or rural appraisals.
We work with wholesale lenders who specialize in California jumbo financing and understand Central Valley properties. Rate spreads between lenders run 0.5-1% on identical borrower profiles—shopping matters.
Jumbo appraisals kill more Selma deals than credit or income. Unique properties with acreage don't have clean comps, and appraisers get conservative.
We advise clients to order pre-purchase appraisals on anything unusual. Spending $800 upfront beats finding out 30 days into escrow that your property won't support the loan amount.
If your purchase price sits near the conforming limit, run both scenarios. Conventional loans under $766,550 often beat jumbo pricing by 0.25-0.5% in rate.
Some buyers structure purchases to stay conforming—larger down payment, seller credits, or different property selection. Others go full jumbo on adjustable rates to minimize initial payments on investment properties.
Selma jumbo borrowers often show farm income, rental income from multiple properties, or self-employment. Standard documentation doesn't always capture the full picture.
Lenders comfortable with ag income understand irregular cash flow from harvest cycles. They'll review profit and loss statements differently than a typical W-2 underwriter would.
Jumbo territory starts above $766,550 in Fresno County for 2024. Anything at or below that amount qualifies as conforming.
Yes, some lenders allow 10% down on jumbo loans up to certain amounts. Expect higher rates and stricter credit requirements than 20% down programs.
Not all do. We work with lenders experienced in Central Valley ag financing who properly evaluate seasonal income patterns.
Plan 45-60 days minimum. Rural appraisals and ag income documentation take longer than standard suburban transactions.
Minimum 700, but 740+ gets significantly better rates. Higher loan amounts require higher scores—sometimes 760+ for loans above $2 million.
Mortgage financing for independent contractors and freelancers who earn 1099 income instead of traditional W-2 wages.
Mortgage programs that allow borrowers to qualify based on liquid assets rather than traditional employment income.
Non-QM loans that use 12 to 24 months of bank statements to verify income for self-employed borrowers.
Short-term financing that bridges the gap between buying a new property and selling an existing one.
Debt Service Coverage Ratio loans that qualify investors based on a rental property's income rather than personal income.
Mortgage programs designed for non-US citizens and non-permanent residents who want to purchase property in the United States.
Asset-based short-term loans primarily used by real estate investors for property acquisition and renovation projects.
Mortgages that allow borrowers to pay only the interest for an initial period, resulting in lower monthly payments upfront.
Financing solutions tailored for real estate investors purchasing rental properties, fix-and-flip projects, or investment portfolios.
Home loans for borrowers who have an Individual Taxpayer Identification Number instead of a Social Security number.
Adjustable rate mortgages held in a lender's portfolio rather than sold on the secondary market, offering more flexible terms.
Non-QM mortgages that use a CPA-prepared profit and loss statement to verify income for self-employed borrowers.
Home loans with interest rates that adjust periodically based on market conditions after an initial fixed-rate period.
Specialized mortgage programs designed to support homeownership in underserved communities with flexible qualification criteria.
Mortgages that meet the guidelines and loan limits set by Fannie Mae and Freddie Mac for secondary market purchase.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
Traditional mortgage financing not backed by a government agency, offering flexible terms and competitive rates for qualified borrowers.
Innovative loan products that leverage projected home equity growth to provide favorable financing terms.
Government-insured mortgages from the Federal Housing Administration with low down payments and flexible credit requirements.
A revolving line of credit secured by your home equity that allows you to borrow funds as needed during a draw period.
A fixed-rate second mortgage that provides a lump sum of cash by borrowing against the equity built in your home.
Loans for homeowners aged 62 and older that convert home equity into cash without requiring monthly mortgage payments.
Government-backed zero down payment mortgages for eligible rural and suburban homebuyers who meet income limits.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.