What Are Jumbo Loans?

Jumbo loans are home purchase or refinance mortgages that are larger than the “conforming” limits set by Fannie Mae and Freddie Mac. Click here to see the conforming loan limit in your county.

Types of Jumbo Loans

Elite Financial offers California borrowers the following jumbo loan programs:
  • 30-, 20-, 15- & 10-year fixed rate loans
  • 10/1, 7/1, 5/1, 3/1 & 1/1 adjustable loans
  • Interest only and fully amortizing loans
FICO score requirements vary depending upon the program and investor, as does the debt ratios (percent of income towards debt). Properties we finance under the jumbo loan program include single family, condo/townhomes, and modular homes affixed to the land. Jumbo loans are available as both a zero point and zero cost loan.

Benefits and Considerations

Jumbo loans provide prospective homeowners with a way to purchase a high-priced home. It is often the best possible option for those with a high credit score and a low debt-to-income ratio. Most lenders usually require a 20 percent down payment or, in the case of a refinance, at least 20 percent equity.

Why Choose Elite Financial?

Elite Financial offers jumbo loans with as little as a 5% down payment: The conforming loan limit is currently $715,000 in Los Angeles County and $715,000 in Ventura County. Higher loan amounts would be considered jumbo loans. Elite Financial offers purchase and refinance (rate and term and cash out) jumbo loans up to $10,000,000 with a loan to value up to 90%. Loan to value varies based upon the loan size, and higher loan to value, such as zero down, can be achieved on our pledged loan program where other assets are pledged. Contact an Elite Financial loan specialist and finance your jumbo loan today. This information is not intended to be an indication of loan qualification, loan approval, or commitment to lend. Loans are subject to credit and property approval. Availability of programs is subject to change without notice.