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San Marino sits at the top of Los Angeles County's luxury market. Most homes here exceed $2M, putting them well above the 2026 conforming loan limit of $1,249,125.
The city's strict zoning and limited inventory mean buyers compete for scarce properties. Jumbo financing is standard here, not the exception.
Sellers expect strong offers backed by solid financing. Pre-approval on a jumbo loan shows you can close on San Marino's premium properties.
Jumbo Loans in San Marino
Lenders typically want 700+ credit scores for jumbo loans. Many require 720+ for the best rates, and some San Marino properties push toward 740 minimum.
Down payment expectations run 10-20% depending on loan amount and property type. Larger loans often require 20% to avoid reserve requirements that can reach 12 months.
Income verification is thorough. Expect full tax returns, W-2s, and asset statements. Self-employed borrowers face extra scrutiny on business financials and cash flow documentation.
Local decision guide
Use this guide to connect jumbo loans eligibility, lender expectations, and local market factors before comparing payment options in San Marino.
San Marino sits at the top of Los Angeles County's luxury market. Most homes here exceed $2M, putting them well above the 2026 conforming loan limit of $1,249,125.
The city's strict zoning and limited inventory mean buyers compete for scarce properties. Jumbo financing is standard here, not the exception.
Sellers expect strong offers backed by solid financing. Pre-approval on a jumbo loan shows you can close on San Marino's premium properties.
Not all lenders handle jumbo loans the same way. Some cap at $2M, others go to $5M or higher with competitive terms.
Portfolio lenders often beat big banks on pricing for San Marino properties. They underwrite to their own guidelines, which can mean faster approvals and more flexibility on reserves.
Rate shopping matters more on jumbo loans than conforming. A quarter-point difference on a $3M loan costs you $7,500 annually, making broker access to 200+ lenders valuable.
San Marino buyers often qualify easily but stumble on documentation timing. Get tax returns and asset statements organized before you shop, not after you find the house.
Cash-out refinances on San Marino properties require different underwriting than purchases. Some lenders cap cash-out jumbos at 70-75% LTV even when purchase money goes to 80%.
If you're moving up from a conforming loan market, expect more paperwork and longer timelines. Jumbo underwriting takes 45-60 days when done right, not the 30-day closes conforming buyers expect.
Conforming loans max out at $832,750 in 2026, covering almost nothing in San Marino. Jumbo loans pick up where conforming limits stop.
Adjustable rate mortgages offer lower initial rates on jumbos. A 7/1 ARM can save 0.5-0.75% over 30-year fixed if you plan to move or refinance within seven years.
Interest-only options exist on jumbo loans but require stronger qualification. Lenders want 740+ credit and 20%+ down for IO structures, plus proof you can handle the principal payment later.
San Marino has some of California's highest property taxes despite Prop 13 protections. Factor 1.1-1.2% of purchase price into your annual costs when calculating qualification ratios.
The city's strict building codes affect appraisals on older estates. Properties needing foundation work or updates sometimes appraise lower than purchase price, requiring larger down payments to close.
HOA fees stay low since most properties are single-family estates. This helps debt-to-income ratios compared to nearby Pasadena condos where HOAs can hit $800-1,200 monthly.
Most lenders require 700 minimum, but 720+ gets you better rates. Properties above $3M often need 740+ for approval.
Expect 10-20% down depending on loan size. Loans above $2.5M typically require 20% to avoid excessive reserve requirements.
Not always. Strong borrowers sometimes get jumbo rates within 0.125-0.25% of conforming rates, and portfolio lenders occasionally beat conforming pricing.
Yes, but expect 25-30% down and higher rates. San Marino has few traditional rentals, so lenders scrutinize investment property deals closely.
Plan for 45-60 days from application to closing. Jumbo underwriting involves more documentation review and appraisal verification than conforming loans.
Typically 6-12 months of principal, interest, taxes, and insurance. Larger loans or higher LTVs push toward the 12-month end.