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What determines the amount considered a jumbo loan?

  • January 16 2009 - La Jolla
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Answers (9)

With Wells Fargo, most any loan over 417k can be a Jumbo loan where rates are as low as 4.125% with no points now...
  • July 27
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In California, anything over $625,500 is considered Jumbo. Look at Jumbo Elite if under $1.5MM. 

I can help with Jumbo in CA, and offer very competitive rates. It would be worth your time to contact me for a free quote and Good Faith Estimate.

Best of luck.

Thanks.
  • February 27
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For a portfolio lender such as the bank where I work, the answer is different.

We do conforming loans to $417,000 and high balance loans to $625,500 where allowed, and these are FNMA loans.  However, we have also have Jumbo loans from $417,001 to $4,000,000.  Often, (like now) our Jumbo Elite loans between 417,000 and 1,500,000  are better in rate than high balance loans.  These include 30 and 15 year fixed, ARMS: 3/1,5/1,7/1,10/1 and two interest only loans: 30 year fixed, and 5/1.
  • February 27
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In the high cost markets of California anything over $625,500 is considered to be jumbo. But please don't allow that to concern you as there are some extremely pleasing terms available for jumbo. You can also get by with just 10% equity up to $1.1M, 15% up to $2MM and 20% and more for loans up to $10MM.

I hope this information was helpful. Please contact me if you would like to get a quote or have further questions.
  • February 23
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HUD sets the limits. Below is a link so you are able to look for your county in particular.

https://entp.hud.gov/idapp/html/hicostlook.cfm

  • January 16 2009
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cc, what you've read so far is correct. Rates and loan to value will vary upon the jumbo loan amount. I would think that most properties with 20% to 25% down in La Jolla would exceed the San Diego County 2009 Conforming Jumbo Limit.
  • January 16 2009
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Conforming and Jumbo loan limits are determined on County and property type. 

Conforming limits are currently at 417,000 for most counties.  Higher cost of living counties have increased amounts up to 625,500.  In addition, two through four units homes qualify for higher loan sizes.
  • January 16 2009
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546,250 for San Diego. Won't get you very far in 92037!
  • January 16 2009
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Profile picture for Ken Kopper

The amount which is above the maximum conforming limit for your county. I am sure someone from CA will be along to give you the exact amount for your county soon or you can post your county and I can look it up for you.

  • January 16 2009
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