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Jumbo Loans in Larkspur
Larkspur sits squarely in jumbo loan territory. Most properties here exceed the 2024 conforming limit of $766,550 for Marin County.
You're looking at single-family homes starting around $1.5M. Waterfront properties and hillside estates push well past $3M.
The conforming limit doesn't match the local market. That's why jumbo financing is the standard tool here, not the exception.
Expect lenders to want 700+ credit and 20% down minimum. Many prefer 720+ and will reward 25-30% down with better pricing.
You'll show two years of income documentation. W-2s, tax returns, asset statements—all standard underwriting amplified.
Debt-to-income ratio matters more on jumbos. Most lenders cap at 43%, though some stretch to 45% for strong profiles with reserves.
Reserve requirements run 6-12 months of payments. Higher loan amounts mean higher reserve expectations.
Jumbo pricing varies wildly between lenders. We've seen rate spreads of 0.75% on identical borrower profiles shopping the same day.
Portfolio lenders price jumbos differently than those selling to aggregators. Some want your loan for the servicing income.
Credit unions often compete aggressively in Marin. But their overlays can be stricter—lower DTI limits, higher credit floors.
The lender you used for a $600K conventional loan may not be competitive on a $2M jumbo. Different products, different appetites.
Documentation determines approval speed on jumbos. Get tax returns, W-2s, and three months of statements ready before shopping.
Self-employed borrowers face tougher scrutiny. If your tax returns show $200K income but you need $2M, prepare for deep dives into business financials.
Appraisals take longer in Larkspur. Limited comps and unique properties mean 2-3 weeks is normal. Budget extra time before closing.
ARM products often make sense on jumbos. The 7/1 ARM typically prices 0.50-0.75% below the 30-year fixed with seven years of stability.
Conforming loans stop at $766,550 in Marin. Anything above that requires jumbo financing regardless of your credit or income.
Jumbo rates used to sit 0.50% above conforming. Today they often match or beat conforming, depending on the lender and lock period.
Adjustable rate mortgages pair well with jumbos. The lower initial rate offsets the larger loan amount if you plan to move or refinance within 7-10 years.
Interest-only options exist on jumbo loans. They reduce initial payments but require stronger qualifications and larger down payments.
Larkspur's limited inventory creates appraisal challenges. Underwriters scrutinize comps carefully when properties are unique or sparse.
Proximity to San Francisco means many buyers are tech employees with stock compensation. Lenders treat RSUs and options differently—some count them, some don't.
Marin's property taxes run around 1.15% effective rate. Factor $17,250 annually on a $1.5M purchase when calculating reserves and DTI.
Flood zones affect some waterfront areas. Lenders require flood insurance, which adds to monthly housing costs and affects qualification ratios.
Most lenders require 20% minimum. Putting down 25-30% typically unlocks better rates and easier approval on higher loan amounts.
Not anymore. Jumbo rates often match or beat conforming rates. Pricing depends on credit score, down payment, and which lender you use.
Expect 30-45 days. Appraisals take longer due to limited comps and unique properties in Larkspur's market.
Some lenders count RSUs and options, others don't. Treatment varies widely, so tell your broker upfront if stock comp is significant income.
700 is the minimum most lenders accept. 720+ gets you better pricing and smoother approval on properties above $2M.
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.