Loading
Loading
Simi Valley sits in a Ventura County pocket where move-up buyers regularly push past conforming loan limits. That means jumbo financing is a real, routine need here — not an edge case.
The conforming loan limit caps what Fannie Mae and Freddie Mac will buy. Anything above that threshold requires a jumbo loan with its own separate rules.
700 (most lenders)
Min Credit Score
10–20% typical
Down Payment
12 months post-close
Reserves Required
43% max (most programs)
DTI Limit
30–45 days
Avg Close Time
Jumbo Loans in Simi Valley
Most jumbo lenders want a 700+ credit score. Some go to 680, but expect a higher rate and tighter reserve requirements at that level.
You'll need 12 months of reserves — liquid assets — after closing. Lenders also want a debt-to-income ratio under 43%, sometimes lower on larger loan amounts.
Local decision guide
Use this guide to connect jumbo loans eligibility, lender expectations, and local market factors before comparing payment options in Simi Valley.
Simi Valley sits in a Ventura County pocket where move-up buyers regularly push past conforming loan limits. That means jumbo financing is a real, routine need here — not an edge case.
The conforming loan limit caps what Fannie Mae and Freddie Mac will buy. Anything above that threshold requires a jumbo loan with its own separate rules.
Most jumbo lenders want a 700+ credit score. Some go to 680, but expect a higher rate and tighter reserve requirements at that level.
Big retail banks price jumbo loans inconsistently. One month Chase is aggressive, next month a portfolio lender you've never heard of beats them by 50 basis points.
At SRK CAPITAL, we run jumbo scenarios across 200+ wholesale lenders. That spread matters more on a $1.2M loan than it ever would on a $500K conforming deal.
Jumbo underwriters scrutinize asset documentation hard. Keep your bank statements clean for at least 90 days before applying — large deposits need sourcing letters.
Self-employed borrowers can still qualify, but expect two years of tax returns and a CPA letter. Some lenders allow bank statement programs on jumbo, though rates run higher.
If your loan amount falls close to the conforming limit, run both scenarios. A conforming loan with mortgage insurance can beat a jumbo rate once you factor total cost.
ARMs are worth a hard look on jumbo. A 7/1 ARM saves real money monthly. If you plan to sell or refinance within seven years, a fixed jumbo rate may cost you more than necessary.
Simi Valley has pockets — Wood Ranch, Big Sky — where $1M-plus homes are standard. Buyers in those areas almost always need jumbo financing.
Ventura County appraisals on high-value homes can be tricky. Comps thin out fast above $1.2M. A low appraisal on a jumbo deal kills the loan or forces a bigger down payment.
Most jumbo lenders require 10-20% down. Below 20%, expect stricter reserve requirements and fewer program options.
Some lenders go to 680, but your rate will be higher. Most competitive jumbo pricing starts at 700 or above.
Jumbo loans are held by the lender — not sold to Fannie or Freddie. Each lender sets its own guidelines, so standards vary more.
Not always. Jumbo rates sometimes match or beat conforming rates. It depends on the lender and your profile. Rates vary by borrower profile and market conditions.
Expect 30-45 days. Jumbo underwriting is more manual than conforming. Complex income docs can push that longer.
Generally no, even with less than 20% down. That's one real advantage over conforming loans at high LTVs.