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Jumbo Loans in Montague
Montague sits in rural Siskiyou County where jumbo loans fund properties most buyers wouldn't expect. We see these loans for ranches, estates with acreage, and income properties that cross conforming limits.
The 2024 conforming limit in Siskiyou County is $766,550 for single-family homes. Anything above that requires jumbo financing, which means stricter underwriting and typically higher rates.
Most lenders want 700+ credit scores for jumbo loans, though some go to 680 with compensating factors. Cash reserves matter more than in conforming deals—expect 12+ months required.
Down payment starts at 10% but 20% gets better rates and skips mortgage insurance. Debt-to-income ratios cap at 43% with most lenders, lower than conforming programs allow.
Not all wholesale lenders fund jumbo loans in rural Northern California. Property type and location restrict options—some won't touch anything over 10 acres or outside metro areas.
We work with portfolio lenders who keep loans in-house rather than selling to Fannie or Freddie. This gives flexibility on property types but means rate shopping across multiple lenders matters even more.
Rural jumbo deals in Siskiyou County move slower than metro transactions. Appraisers travel from Redding or Medford, adding weeks to timelines. Budget 45-60 days for close.
Income documentation gets scrutinized harder on jumbo files. If you're self-employed or have rental income from the subject property, bank statements and tax returns need to tell a clean story.
Some borrowers split purchases into conforming first and second mortgages to avoid jumbo underwriting. This works if you have 20%+ down and can qualify for both liens simultaneously.
Adjustable rate jumbos start 0.50-0.75% lower than fixed rates but adjust after 5, 7, or 10 years. Worth considering if you plan to sell or refinance before the adjustment hits.
Montague's rural character means property types vary widely—from town lots to 100+ acre spreads. Lenders price these differently based on acreage, improvements, and income potential.
Well and septic properties require additional inspections and reports. Factor $800-1,500 for these when budgeting closing costs. Lenders want confirmation both systems meet county health standards.
Anything over $766,550 requires jumbo financing in Siskiyou County. That's the 2024 conforming limit for single-family homes in this area.
Rates run 0.25-0.75% higher depending on credit and down payment. You'll also need larger reserves and face stricter income documentation requirements.
Yes, some lenders go to 10% down on jumbo loans. Expect higher rates and mortgage insurance, plus you'll need stronger credit and reserves to compensate.
Plan for 45-60 days minimum. Appraisers travel from outside the area, and rural property reports add time to underwriting timelines.
It depends on the lender and specific property. Some cap acreage at 10 acres, while portfolio lenders handle larger spreads with agricultural income.
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.