Question 1

What is the jumbo loan limit in Los Angeles County?

Accepted Answer

Jumbo loans exceed the conforming loan limits set by the FHFA. These limits change annually. Any mortgage above the conforming limit is considered a jumbo loan requiring specialized underwriting.

Question 2

What credit score do I need for a Beverly Hills jumbo loan?

Accepted Answer

Most lenders require credit scores of 700 or higher for jumbo loans. Stronger scores above 740 typically secure better rates. Some portfolio lenders may consider lower scores with compensating factors.

Question 3

How much down payment is required for a jumbo loan?

Accepted Answer

Down payments typically range from 10-20% for jumbo loans. Larger loan amounts may require higher down payments. Some lenders offer lower down payment options for well-qualified borrowers with strong financials.

Question 4

Are jumbo loan rates higher than conforming loan rates?

Accepted Answer

Rates vary by borrower profile and market conditions. Jumbo rates can be competitive with conforming rates. Well-qualified borrowers often secure favorable terms on jumbo financing.

Question 5

How long does jumbo loan approval take in Beverly Hills?

Accepted Answer

Jumbo loan approval typically takes 30-45 days. Complex financial situations may require additional time. Pre-approval before house hunting streamlines the process significantly.

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