While many properties available in Los Angeles, CA can be purchased with conventional loans, many others exceed the conforming loan limits specified by Fannie Mae and Freddie Mac. If this is the case for the home you are wanting to buy, then you will need to look for the best Los Angeles jumbo loan rates.
Purchasing a home with a Los Angeles jumbo loan is not all that different from buying one using a conventional loan, but there are a few distinctions:
- You need two appraisals.
- You may need a higher credit score, generally in the 700 and up range.
- Your debt-to-income ratio should be no higher than 43%.
- You might need to make a larger down payment, usually 15-30%.
- You must have 6 months or more of cash in reserve for emergencies.
This does mean that qualifying and applying for a jumbo line may be a little more intensive than qualifying and applying for a conventional loan, but Pacshores is here to make the process smooth and easy. Many jumbo loans in Los Angeles have very reasonable interest rates and terms.
Do You Need a Jumbo Loan in Los Angeles?
In 2017, the median home value in Los Angeles is $626,800. Here are the conventional loan limits for Los Angeles county:
- For 1 unit: $636,150
- For 2 units: $814,500
- For 3 units: $984,525
- For 4 units: $1,223,475
As you can see, the conventional loan limit for a 1 unit property in Los Angeles is scarcely higher than the median home value. As a result, many Los Angeles home loans are jumbo loans. The majority of these are adjustable rate loans, but you will also encounter jumbo loans with fixed interest rates.
Pacshores Is Your Los Angeles Jumbo Loan Company
Many homebuyers are surprised when they realize that they are in the market for a jumbo loan, not a conventional loan, but in Los Angeles county, this is very common. In fact, here at Pacshores we work with a large network of lenders who provide Los Angeles jumbo loans at low competitive interest rates.
Many of our lenders are flexible and willing to offer exclusive discounts to the customers we refer, and may also be open to negotiating when it comes to FICO scores and loan terms. These exclusive opportunities are not advertised, and are only available through our network. Give us a call at 310-478-5005 and we will help you apply for a Los Angeles jumbo loan which will fit your needs.