FHA Loan

Jumbo mortgages are usually made by private  lenders and are not guaranteed by a government agency.  In San Diego County, loans over $417,000 are considered to be “jumbo”.  Congress has extended a government guarantee, to some jumbo mortgages, for higher loan limits, in San Diego, Orange, Ventura, and Los Angeles counties.  This means that low-down payment options (as low as 3.5%) will be offered for those government-guaranteed loans, with limits of:

• $546,250 for San Diego County
• $625,500 for Los Angeles County
• $625,500 for Orange County
• $598,000 for Ventura County

Jumbo mortgages, which do not have a government guarantee, are subject to specific lender down payment guidelines.  Generally speaking. loan amounts from $417,000 to $850,000 offer a down payment as low as 10%.  Down payments under 20% will require private mortgage insurance.

Loan amounts from $850,000 to $ 1,000,000 will require a 20% down payment, loan amounts from $1,000,000 to $1,500,000 require a 25% down payment, loan amounts from $1,500,000 to $2,000,000 require a 30% down payment, and loan amounts from $2,000,000 to $5,000,000 require a 35% down payment.

Mortgages guaranteed by the Veterans Administration will continue to be offered up to $1,000,000.  VA jumbo mortgage down payment requirements,vary by county but can be as low as zero-down.  Loans up to $1,000,000 can be made with a down payment of less than 15%.  Please contact me, if you have VA-eligibility, for more specific information.  My phone number is (858)-777-9751