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Jumbo Loans in Inglewood
Inglewood sits in one of California's most expensive housing markets. Properties exceeding the 2024 Los Angeles County conforming limit of $766,550 need jumbo financing.
The city's proximity to LAX and recent development near SoFi Stadium has pushed many single-family homes and renovated properties into jumbo territory. Standard conforming loans won't cover these purchases.
Most jumbo lenders want 700+ credit scores and 20% down minimum. Properties between $800K-$1.5M might qualify with 680 credit if you put 25% down.
Expect rigorous income verification. Two years of tax returns, W-2s, and bank statements showing 6-12 months of reserves after closing. Self-employed borrowers face extra scrutiny on their business documentation.
Debt-to-income ratios typically max out at 43%, though some portfolio lenders go to 45% for strong profiles. You need documented income to support the payment, not just the assets.
Jumbo loans aren't standardized like conforming loans. Each lender sets their own guidelines, which means rate and approval odds vary wildly across our 200+ wholesale sources.
Regional banks and credit unions sometimes offer better jumbo rates than national lenders in Los Angeles County. Portfolio lenders keep loans on their books, so they price based on local market knowledge.
Shopping multiple lenders matters more for jumbo loans than any other product. We've seen rate spreads of 0.75% between lenders for identical borrower profiles.
Inglewood jumbo buyers often hit snags with appraisals. The recent development spike means comparable sales data gets thin, especially for renovated properties or new construction near entertainment venues.
Many Inglewood borrowers have income sources beyond W-2 wages. Jumbo underwriting handles commission income, bonuses, and RSUs differently than conforming loans. Documentation timing matters more than most buyers expect.
Adjustable rate jumbos price 0.50-0.875% below fixed rates right now. If you plan to sell within 7-10 years, ARMs cut your monthly payment significantly on loans over $1M.
If you're borrowing $800K-$850K, you might structure the deal as a conforming first mortgage plus a second lien to avoid jumbo pricing. This piggyback approach works when your credit and income support two loans.
Interest-only jumbo loans reduce payments during the interest-only period but require larger reserves and stronger credit. They fit borrowers with variable income or those prioritizing cash flow over equity building.
Inglewood's housing stock ranges from modest mid-century homes to high-end new construction. Lenders treat these property types differently for jumbo qualification, especially regarding down payment and reserve requirements.
Properties within a mile of SoFi Stadium face extra appraisal scrutiny due to rapid value changes. Lenders want proof that comps reflect current market conditions, not pre-development pricing.
Los Angeles County transfer taxes and fees add to closing costs. On a $1.2M purchase, plan for $13,200 in county transfer tax alone, separate from your lender fees and title costs.
Most lenders require 20% down, though some go to 10-15% with higher rates and mortgage insurance. Larger down payments unlock better pricing.
Rates vary by borrower profile and market conditions. Strong credit and large down payments sometimes get jumbo rates below conforming rates.
Yes, but expect 25-30% down and higher rates. Lenders want 12 months of reserves and proof the property generates rental income.
Add 5-10 days for extra documentation review and appraisal complexity. Underwriters scrutinize jumbo files more carefully than conforming loans.
700 minimum for most lenders, 740+ for best rates. Scores below 700 require larger down payments and face limited lender options.
ARMs currently price 0.50-0.875% below 30-year fixed rates. Choose based on how long you'll keep the property and rate risk tolerance.
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.