Overview
Loan amount exceeds the limits for a conventional conforming loan.
Program Highlights
30 Years Fixed
1) Max. LTV 80% for purchase; Max. LTV 70% for C/O;
2) Max. Loan Amount $3.0M;
3) Max. Cash Out $500,000;
4) Min. 12 months reserves on PITIA;
5) Min. FICO 720;
6) No MI (Mortgage Insurance).
Move High Balance to Jumbo 10/6 ARM
Loan Amount More Than $726,200
* Loan Amount at Least $1 Over the Agency Conforming Loans Size are Allowed.
7/6 ARM
1) Max. LTV 89.99%;
2) Max. Loan Amount $2.5M;
3) Max. Cash Out $750,000;
4) Min. FICO 700;
5) Min. 6 months reserves on PITIA;
6) 1 Unit & 2 Units;
7) Primary & 2nd Home property;
8) Purchase & R/T Refi & C/O Refi.
What is Jumbo Loan?
A jumbo loan is a type of financing that exceeds the limits set by the Federal Housing Finance Agency and cannot be purchased, guaranteed, or securitized by Fannie Mae or Freddie Mac. Homeowners must undergo more rigorous credit requirements than those applying for a conventional loan. Jumbo loans allow you to buy expensive properties. A jumbo loan is not backed by Fannie Mae or Freddie Mac.
Guidelines
30 Yrs Fixed & 10/6 ARM Jumbo
(1)4 trade lines in all, one of which is open and has a minimum of 24 months history, the other 3 may be open or closed but must be rated for at least 12 months.
(2)0x30x12 for mtg/rent.
(3)At least 2 years landlord experience history is required.
(4)Most recent 2 yrs tax return required.
(5)Max financed properties 5 for Primary Transaction; 4 for 2nd Home/Investment Transaction.
(6)Primary: LTV is 70% or less, minimum 5% contribution from own funds (liquid assets); LTV above 70%, minimum 10% contribution from own funds (liquid assets). 2nd Home or N/O/O can not use gift funds.Gift funds cannot be reserves.
(7)Full Doc JUMBO 30 Yrs Fixed, 15 Yrs Fixed, and 10/6 ARM can accept the high balance loan limits (2023 high balance limits).
(8)Depreciating Markets policy applies to any MSA depreciating 5.01% or more. The above maximum LTV/CLTV/HCLTV should be reduced by 5% if the subject property is located in a depreciating market.
7/6 ARM Jumbo
(1)Investment for 7/6 ARM Jumbo is not acceptable.
(2)Max cash out $500K for LTV>55%; $750K for LTV<=55%
(3)Mortgage Insurance required for LTV>80%
(4)Max DTI 45%
(5)Max Financed Properties 4
(6)Required 1 yrs landlord history for using rental income if use lease agreement.
(7)Full Doc JUMBO 7/6 ARM can accept the high balance loan limits.
In 2023, the FHFA improves the loan limits for all kinds of loan types, especially Jumbo Loans. Please refer to below 2023 loan limits in California.
2023 Loan Limits in California Counties
|
COUNTY |
1-Unit Limit |
2-Unit Limit |
3-Unit Limit |
4-Unit Limit |
|
ALAMEDA |
$1,089,300 |
$1,394,775 |
$1,685,850 |
$2,095,200 |
|
ALPINE |
$726,200 |
$929,850 |
$1,123,900 |
$1,396,800 |
|
AMADOR |
$726,200 |
$929,850 |
$1,123,900 |
$1,396,800 |
|
BUTTE |
$726,200 |
$929,850 |
$1,123,900 |
$1,396,800 |
|
CALAVERAS |
$726,200 |
$929,850 |
$1,123,900 |
$1,396,800 |
|
COLUSA |
$726,200 |
$929,850 |
$1,123,900 |
$1,396,800 |
|
CONTRA COSTA |
$1,089,300 |
$1,394,775 |
$1,685,850 |
$2,095,200 |
|
DEL NORTE |
$726,200 |
$929,850 |
$1,123,900 |
$1,396,800 |
|
EL DORADO |
$763,600 |
$977,550 |
$1,181,650 |
$1,468,500 |
|
FRESNO |
$726,200 |
$929,850 |
$1,123,900 |
$1,396,800 |
|
GLENN |
$726,200 |
$929,850 |
$1,123,900 |
$1,396,800 |
|
HUMBOLDT |
$726,200 |
$929,850 |
$1,123,900 |
$1,396,800 |
|
IMPERIAL |
$726,200 |
$929,850 |
$1,123,900 |
$1,396,800 |
|
INYO |
$726,200 |
$929,850 |
$1,123,900 |
$1,396,800 |
|
KERN |
$726,200 |
$929,850 |
$1,123,900 |
$1,396,800 |
|
KINGS |
$726,200 |
$929,850 |
$1,123,900 |
$1,396,800 |
|
LAKE |
$726,200 |
$929,850 |
$1,123,900 |
$1,396,800 |
|
LASSEN |
$726,200 |
$929,850 |
$1,123,900 |
$1,396,800 |
|
LOS ANGELES |
$1,089,300 |
$1,394,775 |
$1,685,850 |
$2,095,200 |
|
MADERA |
$726,200 |
$929,850 |
$1,123,900 |
$1,396,800 |
|
MARIN |
$1,089,300 |
$1,394,775 |
$1,685,850 |
$2,095,200 |
|
MARIPOSA |
$726,200 |
$929,850 |
$1,123,900 |
$1,396,800 |
|
MENDOCINO |
$726,200 |
$929,850 |
$1,123,900 |
$1,396,800 |
|
MERCED |
$726,200 |
$929,850 |
$1,123,900 |
$1,396,800 |
|
MODOC |
$726,200 |
$929,850 |
$1,123,900 |
$1,396,800 |
|
MONO |
$726,200 |
$929,850 |
$1,123,900 |
$1,396,800 |
|
MONTEREY |
$915,400 |
$1,171,900 |
$1,416,550 |
$1,760,400 |
|
NAPA |
$1,017,750 |
$1,302,900 |
$1,574,900 |
$1,957,250 |
|
NEVADA |
$726,200 |
$929,850 |
$1,123,900 |
$1,396,800 |
|
ORANGE |
$1,089,300 |
$1,394,775 |
$1,685,850 |
$2,095,200 |
|
PLACER |
$763,600 |
$977,550 |
$1,181,650 |
$1,468,500 |
|
PLUMAS |
$726,200 |
$929,850 |
$1,123,900 |
$1,396,800 |
|
RIVERSIDE |
$726,200 |
$929,850 |
$1,123,900 |
$1,396,800 |
|
SACRAMENTO |
$763,600 |
$977,550 |
$1,468,500 |
$1,468,500 |
|
SAN BENITO |
$1,089,300 |
$1,394,775 |
$1,685,850 |
$2,095,200 |
|
SAN BERNARDINO |
$726,200 |
$929,850 |
$1,123,900 |
$1,396,800 |
|
SAN DIEGO |
$977,500 |
$1,251,400 |
$1,512,650 |
$1,879,850 |
|
SAN FRANCISCO |
$1,089,300 |
$1,394,775 |
$1,685,850 |
$1,867,275 |
|
SAN JOAQUIN |
$726,200 |
$929,850 |
$1,123,900 |
$1,396,800 |
|
SAN LUIS OBISPO |
$911,950 |
$1,167,450 |
$1,411,200 |
$1,753,800 |
|
SAN MATEO |
$1,089,300 |
$1,394,775 |
$1,685,850 |
$2,095,200 |
|
SANTA BARBARA |
$805,000 |
$1,030,550 |
$1,245,700 |
$1,548,100 |
|
SANTA CLARA |
$1,089,300 |
$1,394,775 |
$1,685,850 |
$2,095,200 |
|
SANTA CRUZ |
$1,089,300 |
$1,394,775 |
$1,685,850 |
$2,095,200 |
|
SHASTA |
$726,200 |
$929,850 |
$1,123,900 |
$1,396,800 |
|
SIERRA |
$726,200 |
$929,850 |
$1,123,900 |
$1,396,800 |
