Jumbo Loans San Clemente
Jumbo Loan Services
You know you’ve earned it — you’ve worked hard for the better part of your life and you deserve to reward yourself with your dream home.
But we understand that making the decision to splurge on a luxury home is not an easy one to make. A bigger house likely means that you need to apply for a bigger mortgage, after all. So even with a substantial amount of savings in the bank and an impeccable credit score, the idea of buying a high-value home can still be daunting.
Of course, you don’t have to use up most of your savings as a downpayment just to apply for a traditional loan. A jumbo loan can be just what you need, and this is where Golden Coast Loans can help. With our competitive rates and convenient terms, you can be a step closer to owning the house that you’ve always wanted.
What are Jumbo Loans?
A jumbo home loan is a mortgage option that qualifies you for a bigger loan.
Typically, if the value of the property you want to own is higher than the standards set by the FHFA or the Federal Housing Finance Agency, you cannot simply apply for a traditional home loan. A jumbo loan will be a better fit for your goals.
So, if you have been eyeing a property that costs more than the standard home in Orange County, this type of home loan could be the answer.
Just take note that this type of home loan offers you high-end financial backing and bigger loan value. As such, stricter requirements and more extensive qualifications need to be met. The good news, however, is that we here at Golden Coast Loans offer flexible terms and fair interests to make the loan more accessible to you.
What you need to apply for Jumbo Loans Orange County?
Applying for jumbo loans can be a bit more tedious than applying for a traditional loan. This is because the sum of the loan will be considerably higher.
To get started on your application process, here are some of the most important requirements that you need to meet to qualify you for the jumbo loan:
- An excellent credit score
A jumbo loan allows you to borrow a big amount of money to buy a high-end property. As such, lenders will want to make sure that you have the capacity to repay the said amount. This is why this type of loan is not awarded to high-risk borrowers.
So, to qualify, you will need to have at least 700 on your credit score.
- Less than average debt to income ratio
When you apply for most traditional home loans, you will be allowed a maximum of 55% DTIR. Applying for a jumbo loan, on the other hand, requires you to have much less. Most private lending companies have set a range of 36% to 43% debt to income ratio.
- Substantial savings
Another important requirement is a substantial savings reserve. This can refer to the amount of money you have in the bank or the liquid assets that you currently own. As a rule of thumb, the total amount of your savings should be able to cover up to a year’s worth of your home loan payments.
- At least 20% down payment
As you might have expected, you will need a much higher cash-out to be approved for a jumbo loan. A minimum of 20% down payment can help your lender mitigate the risks that come with financing a more high-end property. Of course, other considerations still need to be factored in to determine the final percentage you will need as a down payment.
The benefits of applying for Jumbo Loans Southern California
You’ll be able to afford the home that you’ve always dreamed of. This alone can be the driving force that could propel you towards taking out a jumbo loan.
On top of this, jumbo loans don’t take quite as long to be processed too. If all of the requirements have been met and you have submitted the proper documentation, then your loan can be processed in as quick as 30 days. Getting approval for a home loan has never been this fast. Just take banks, for example. They take about a quarter of a year to begin the processing of your request.
Applying for a Jumbo Loan with Golden Coast Loans
Your dream home is right within your reach. If you’re looking at a property that a standard mortgage can’t cover, then Golden Coast Loans can help.
We offer competitive interest rates and flexible terms so that you can afford the home that you’ve always wanted. Apply online through our website or speak with our consultants today to learn more about how we can help you with your goals.