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Jumbo Loans in Fairfield
Fairfield sits in the sweet spot where conforming limits sometimes fall short. Properties pushing $800K or higher need jumbo financing, especially in newer developments near Travis Air Force Base.
Solano County's jumbo market is smaller than Bay Area neighbors, but competitive. Fewer borrowers means lenders scrutinize deals harder—expect tighter underwriting than you'd see on a $650K loan.
Most jumbo lenders want 700+ credit and 20% down minimum. Some accept 680 with compensating factors like 30% down or significant reserves, but you'll pay for that risk in rate.
Income documentation is non-negotiable. Expect full tax returns, W-2s, and asset verification. Lenders typically want 6-12 months reserves after closing—that's PITI on your new loan sitting liquid in the bank.
Jumbo lending splits between portfolio lenders and aggregators who package loans for investors. Portfolio lenders have flexibility on guidelines but might price higher. Aggregators offer better rates but stick to strict overlays.
We access both types across 200+ wholesale lenders. That matters in Fairfield because local credit unions might match on rate but can't compete on closing speed when you're up against cash offers.
The biggest jumbo mistake in Fairfield? Borrowers assume they can't qualify because one bank said no. Jumbo guidelines vary wildly—one lender caps DTI at 43%, another goes to 50% with strong reserves.
I see borrowers leave money on the table by not comparing ARM options. If you're moving in five years for military reassignment, why pay for a 30-year fixed? A 7/1 ARM can save you half a point or more.
If you're right at the conforming limit, run both scenarios. Sometimes splitting into a conforming first and small second beats one jumbo loan. You get conforming pricing on the bulk of your loan and avoid jumbo MI if you're under 20% down.
Adjustable rate jumbos price better than fixed in most markets. A 7/1 jumbo ARM might beat a conforming fixed by a quarter point—unusual but worth comparing when you're financing $900K instead of $600K.
Fairfield appraisals can get interesting near county lines. If your comp set pulls from Vacaville or Suisun City, appraisers sometimes lowball because they're not comparing true equivalents. Push back with recent sales in your specific neighborhood.
Travis Air Force Base proximity affects jumbo lending decisions differently than conforming. Some lenders see military population as stability; others worry about resale if base activity changes. Shop lenders who understand the Fairfield market dynamics.
Jumbo loans exceed $806,500 in Solano County for 2024. Anything above that conforming limit requires jumbo financing regardless of property type.
Yes, but options narrow significantly. Some lenders go to 10% down with 720+ credit and strong reserves, but expect higher rates and mortgage insurance.
Jumbo rates currently run 0.125% to 0.5% higher than conforming. Rates vary by borrower profile and market conditions, but the gap has narrowed from historical norms.
Typically yes. While conventional loans approve at 620, most jumbo lenders want 700 minimum with some accepting 680 for exceptional borrowers.
ARMs price significantly better on jumbo loans. If you're relocating in 5-7 years, you save thousands without exposure to rate adjustment risk.
Expect 30-45 days with responsive borrowers. Jumbo underwriting takes longer due to additional documentation requirements and often requires second review.
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.