Loading
Jumbo Loans in San Fernando
San Fernando sits in a unique position within Los Angeles County. Properties here often hit jumbo territory faster than borrowers expect.
The conforming loan limit for 2024 in LA County is $1,149,825. Anything above that threshold requires jumbo financing, and we're seeing more San Fernando buyers cross that line.
This isn't Beverly Hills pricing, but you'd be surprised how many single-family homes and investment properties here need jumbo programs. Multi-unit buildings especially.
Jumbo loans demand stronger financials than conforming programs. Most lenders want 700+ credit scores, though we've placed deals at 680 with compensating factors.
Expect 10-20% down depending on loan amount and property type. Cash reserves matter more here—lenders typically require 6-12 months of payments in the bank post-closing.
Debt-to-income ratios stay tight, usually maxing at 43-45%. Self-employed borrowers need clean tax returns showing consistent income over two years minimum.
Not every lender does jumbo, and those that do have wildly different appetites. Some cap at $2 million, others go to $5 million or higher with the right profile.
Portfolio lenders often beat big banks on jumbo pricing because they hold these loans instead of selling them. That gives them flexibility on underwriting too.
Rate shopping matters enormously at this loan size. A quarter-point difference on $1.5 million costs you real money every month. We compare across 200+ wholesale lenders to find the tightest spread.
San Fernando buyers often don't realize they need jumbo until they're already shopping. Many assume only coastal properties require it, but LA County's high conforming limit applies everywhere in the county.
Investment properties hit jumbo limits faster because you can only put 15-20% down on a conforming loan above certain thresholds. Cash-out refinances trigger jumbo treatment frequently too.
The underwriting takes longer—plan for 30-45 days instead of the usual 21. Appraisals get more scrutiny, especially on unique properties where comps run thin.
If you're close to the conforming limit, running both scenarios makes sense. Putting more down to stay conforming sometimes costs less over the loan term despite the higher down payment.
Adjustable rate jumbos offer lower start rates than fixed, but you're taking rate risk on a big balance. Interest-only jumbos work for borrowers with irregular income or investment strategies.
Conventional conforming loans have easier qualification and faster processing. But above $1,149,825 in LA County, jumbo is your only option unless you're splitting the purchase creatively.
San Fernando's mix of older single-families and newer construction affects jumbo approvals differently. Older properties may need renovation contingencies that complicate jumbo underwriting.
Multi-generational homes are common here, and lenders scrutinize occupancy on larger properties. If it looks like an investment property but you're claiming primary residence, expect questions.
Property taxes in LA County add to your debt ratio calculation. At jumbo loan amounts, that tax payment becomes a meaningful piece of your qualifying income requirements.
Jumbo starts above $1,149,825 in LA County for 2024. That's the conforming limit for single-family homes; multi-unit properties have different thresholds.
Not always. We place jumbo loans with 10-15% down regularly. Lower down payments require stronger credit and larger reserves though.
Not currently. Jumbo rates often match or beat conforming rates because of competition among portfolio lenders. Rates vary by borrower profile and market conditions.
Yes, but you need two years of tax returns showing stable or increasing income. We can also use bank statement programs for self-employed with jumbo needs.
Expect 30-45 days for jumbo loans versus 21 days for conforming. The extra underwriting scrutiny and appraisal requirements add time to the process.
Absolutely. Investment property jumbos require 20-25% down and larger reserves. Rental income from the property can help you qualify if documented properly.
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.