JUMBO Loans In Ventura, CA
What is a JUMBO Loan?
JUMBO loans are mortgages set aside exclusively for the financing of properties that are too expensive for conventional conforming loans. Since the maximum amount you’re typically allowed to finance with a conventional loan is $647,200*, you may need to seek out additional financing in the form of a JUMBO loan. Here in the Ventura, CA market, the average home price has skyrocketed in recent years, and in most zip codes — including here in 93065 - where the mean purchase price is now much higher. So, if you’re a local Ventura County buyer, you’ll likely need to consider a JUMBO loan to finance your new home.
*Each county and lender’s conforming loan limits may vary, so click here to see what your county’s conforming loan limits are.
Frequently Asked Questions About JUMBO Loans
JUMBO Loans VS. Conventional Financing
Both JUMBO loans and conventional loans have requirements for approval, such as high credit score, proof of income, low DTI, and so forth. But, as we mentioned before, JUMBO loans are for homes with high purchase prices above your county and lender’s conforming loan limits.
Conforming Loans Jumbo Loans Min. down payment 3% with PMI (20% without PMI) Typically between 10% and 30% Max DTI 50% 38% to 43% Mortgage insurance required with down payments under 20% Varies per lender Min. credit score 620 Sometimes as low as 680, but typically 700 or higher Closing costs usually lower than jumbo loans can be higher than conforming loans due to manual underwriting, additional appraisals, etc.Loan limits $548,250 to $822,375 Depends on the lender, but can be in the millions
| Conforming Loans | JUMBO Loans | |
|---|---|---|
| Minimum Down Payment | 3% down with mortgage insurance | Between 10-30% |
| Max DTI | 50% DTI | Between 38-43% DTI |
| Mortgage Insurance | Required for borrowers who want to put less than 20% down | This varies depending on who your lender is |
| Min. credit score | At least a 620 credit score | At least a 680 credit score, but typically 700 or higher. |
| Closing costs | Typically lower than JUMBO loans | More Expensive than Conforming Loans |
| Loan limits | Loans are limited at 970,800 for high-cost areas | May be in the millions depending on your qualifications and lender |
How to Get a JUMBO Loan in Ventura, CA?
To see if you’re qualified for a JUMBO loan here in the Ventura County market, check out our loan calculator or get in touch with That Mortgage Mama to see if you qualify.
How to qualify for a JUMBO Loan in Ventura, CA?
To qualify for a JUMBO loan in Ventura County, you need to provide us with a number of financial documents that prove your income, DTI, credit score, and more. JUMBO loans apply only to homes that fall outside the limits of a typical conforming loan, so check in with our team to see what loan type is right for you.
Finding a JUMBO Mortgage Lender In 93065
You’ve already found us! Our team here at That Mortgage Mama can help answer all of your questions about JUMBO home loans for your next home purchase. Get to know our team and why we’re the best option to guide you through the process of securing a JUMBO loan.
10% Down Jumbo Loans In Ventura, CA
Compared to Conventional loans, JUMBO loans have slightly higher down payment requirements. However, if you’re qualified, you may be eligible for a JUMBO loan with only a 10% down payment requirement. Reach out today to see what criteria you need to meet to get approved for a low down payment JUMBO loan in Ventura, CA.
What are the JUMBO Loan Limits In California
The limits for JUMBO loans are determined by your personal financial situation and your lender’s terms/offerings. Our team can assist with determining what the loan limit on your personal JUMBO home loan application is.
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NMLS: #1939473
Company NMLS: #181106
Licensed In: CA, NV
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Barrett Financial Group, LLC 8485 W Sunset Rd Suite 202, Las Vegas, NV 89113
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