Jumbo Loans
Jumbo and Super Jumbo Loans
Jumbo Loans are loans in excess of the Fannie Mae & Freddie Mac Conforming Loan Limits. For example in Los Angeles and Ventura counties, the Conforming Loan Limit is $729,750.
Super Jumbo Loans are loans in excess of $1,000,000. We generally can fund loans up to $5,000,000 and on occasion can provide place loans at a higher amount.
In my experience, the higher the loan amount, the more likely that borrowers will select an Adjustable Rate Mortgage. This is due to 3 key factors:
1) There just aren't that many borrowers that need Super Jumbo Loans, just like there aren't that many people who buy Ferraris.
2) Jumbo Loan lenders prefer to spread out their risk rather than make large loans on individual properties. Therefore, they are generally Portfolio Lenders who want a premium for the risk they are taking. Furthermore, they don't want to extend the risk out for 30 years, they would prefer to confine their risk to 5, 7 and 10 years.
3) Buyers or owners of million dollar and multi-million dollar properties are more likely to be self employed and/or have various investments outside of their home. A Jumbo ARM Loan at a lower rate, provides a lower payment so that they can keep their cash working for them in other investments or their business.
As a Jumbo Loan Specialist, I am well versed to assist you with your Jumbo Loan requirement. Being a Jumbo Loan Specialist requires experience in working with High-Net Worth clients, understanding how to underwrite sophisticated personal and corporation tax returns and multiple streams of income.
Again, most investors who fund Jumbo Loans and often Super Jumbo Loans are portfolio investors. This means that they will keep the loan on their books as there is currently no secondary market for them to sell to.
Being able to navigate these roads is not for the novice. Even highly qualified borrowers get declined because their loan was not packaged properly.
I have been assiting real estate homeonwers and investors since 1987. If you want to work with a true professional to assist you with your Jumbo or and Super Jumbo Loan requirements with great rates for California Jumbo Home Loans, Calabasas Jumbo Home Loans, Westlake Village Jumbo Home Loans, Agoura Hills Jumbo Home Loans, Lake Sherwood Jumbo Home Loans, you have come to the right place.
