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Jumbo Loans 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 2024 conforming loan limit of $766,550.
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.
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.
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 $766,550 in 2024, 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.
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.