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Jumbo Loans in Paramount
Paramount sits in a price range where most buyers don't need jumbo financing. The 2025 conforming limit is $806,500 for single-family homes in Los Angeles County.
Jumbo loans kick in above that threshold. In Paramount, you're more likely shopping for multi-unit properties or renovated homes to hit jumbo territory.
We close jumbo deals here when buyers expand footprints or invest in larger lots. The market doesn't scream luxury, but opportunity properties exist.
Expect lenders to want 700+ credit and 20% down minimum. Many prefer 720 to unlock best pricing. Cash reserves matter more than with conforming loans.
You'll need 6-12 months of housing payments in the bank after closing. Debt-to-income ratios cap around 43%, though some lenders stretch to 45% with strong profiles.
Documentation runs deeper than standard loans. Two years of tax returns, asset statements, and employment verification are baseline. Self-employed borrowers face extra scrutiny.
Not every lender touches jumbo loans. Banks price them differently than conforming mortgages because they hold these loans in portfolio or sell them to private investors.
We shop 200+ wholesale lenders and find maybe 30 compete aggressively on jumbo terms. Rate spreads between lenders can hit 0.5% or more on the same deal.
Portfolio lenders offer flexibility on debt ratios and asset types. Credit unions sometimes match big banks on rates but move slower. Shopping matters here more than anywhere.
Paramount jumbo buyers usually know exactly what they're building or buying. First-time jumbo borrowers underestimate the reserve requirements and get surprised.
ARMs make sense here if you plan to sell or refinance within seven years. Fixed jumbos carry higher rates than conforming loans because of the added lender risk.
I push clients to lock rate and terms early. Jumbo pricing shifts faster than conforming rates, especially when bond markets get volatile.
Conforming loans win on rate and ease if you stay under $806,500. You get better pricing, lower reserves, and more lender options below that line.
Jumbo loans offer no PMI even at 10-15% down with some lenders. That's a real advantage over conforming loans under 20% down that carry mortgage insurance.
Interest-only jumbo structures exist for investors managing cash flow. You pay only interest for 5-10 years, then principal and interest after that.
Paramount's housing stock trends smaller and older. Finding properties that justify jumbo financing means looking at multi-family buildings or extensively remodeled single-families.
Appraisals matter more with jumbo loans. Lenders scrutinize comps harder because they're taking bigger risk. Limited high-value sales in Paramount can complicate valuations.
Los Angeles County transfer taxes and fees add up fast on larger purchases. Budget an extra 1-2% of purchase price for closing costs beyond the loan itself.
Most lenders want 700 minimum, but 720+ unlocks better rates. Scores below 700 face steep rate premiums or denials.
20% down is standard. Some lenders allow 10-15% down but charge higher rates and require larger cash reserves.
No. Jumbo loans don't carry PMI even with less than 20% down, which can offset the higher interest rate.
Yes. Jumbo ARMs offer lower initial rates if you plan to sell or refinance within 5-10 years. We structure these frequently.
Lenders hold more risk and can't sell jumbo loans to Fannie or Freddie. That risk premium shows up in the rate.
Expect 30-45 days from application to close. Jumbo underwriting runs deeper than conforming loans, so build extra time into your 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.