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Jumbo Loans in La Puente
La Puente sits in a unique position within LA County. Most properties fall under conforming limits, but expanding families and estate buyers still need jumbo financing.
The 2024 conforming loan limit is $766,550 for single-family homes in LA County. Any mortgage above that requires a jumbo loan with different underwriting standards.
Most lenders want 680+ credit for jumbo loans. Many require 700+, especially for loan amounts over $1 million.
Down payment expectations start at 10-15% but many lenders prefer 20%. Reserves matter more here—expect to show 6-12 months of mortgage payments in liquid assets.
Debt-to-income ratios get scrutinized harder. We see approvals up to 43% DTI, but 38% or lower gets better rates and smoother underwriting.
Jumbo lending is where wholesale access matters most. Portfolio lenders have different appetites than agencies, and those appetites change monthly.
Some lenders cap at $2 million. Others go to $5 million but require 25% down. A few specialize in high-balance loans with flexible income documentation.
Rate sheets vary wildly on jumbos. We've seen 0.75% spreads between lenders on identical borrower profiles because each lender prices portfolio risk differently.
Jumbo loans reward preparation. Borrowers who organize financials and explain complex income streams upfront close faster and get better terms.
Self-employed borrowers face extra scrutiny on jumbos. Two years of tax returns won't cut it if your income declined last year—lenders average the two years.
Timing matters. If you're planning a large purchase or credit application, wait until after closing. Jumbos get re-verified before funding more aggressively than conforming loans.
If you're close to the conforming limit, running both scenarios makes sense. A slightly smaller loan amount could qualify you for better conventional terms.
Adjustable rate mortgages show up frequently in jumbo lending. The 7/1 and 10/1 ARM products often price 0.50-0.75% below fixed rates for borrowers who plan to refinance or move.
Interest-only jumbo loans work for borrowers with variable income or investment strategies. You're not building equity initially, but monthly payments drop 20-30%.
La Puente's housing stock runs smaller than neighboring communities. Jumbo loans here typically finance larger lots, complete renovations, or multi-generational compounds.
Property taxes in LA County hit jumbo borrowers harder because you're paying 1.25% on a higher basis. A $900,000 purchase means $11,250 annually in property taxes.
Appraisals take longer on higher-value properties. Budget 2-3 weeks for the appraisal process, especially if your property has unique features or sits on larger acreage.
Most lenders require 10-15% down, but 20% down gets you better rates and easier approval. Loan amounts over $1.5 million usually need 20-25% down minimum.
It depends on the loan amount and your debts. For a $900,000 loan, you'd typically need $15,000-18,000 monthly gross income with minimal other debt.
Not always. Rates vary by borrower profile and market conditions, but strong credit and low DTI can get jumbo rates competitive with or below conforming rates.
Yes, but expect 25-30% down and higher rates. Lenders also require larger reserves—often 12 months of payments for investment properties.
Plan for 30-45 days from application to closing. Complex income documentation or unique properties can add 1-2 weeks to the timeline.
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.