In Los Angeles County, a jumbo mortgage is any loan above $625,000. While conforming mortgages, or those under $625,000 in LA County are commonly easier to get and at lower interest rates than jumbo loans, that is not the case in the Summer of 2015. In fact, major US banks have just announced that they are reducing some of the qualifications for loans up to $3,000,000. Moreover, where commonly jumbo loans have been offered with higher interest rates, they are currently about the same as conforming loans, and in some cases lower.
Throughout much of Los Angeles, and certainly in the Silicon Beach areas, Beverly Hills, Bel Air, Encino, and other more expensive neighborhoods, most mortgages will fit into the jumbo variety. What does that mean under the new, relaxed guidelines? Potentially a FICO score of 680 would be enough, though some lenders are still at 700 minimum. A down payment of 10% might be all you need, though most banks are still at15%.
As the requirements are in flux, how will you know how much cash you need, and what other qualifications will be necessary to acquire a home in this fast changing market. Your best solution is to call a mortgage broker like Bill Rayman.
Bill works with GuaranateedRate.com/BillRayman. They are the largest mortgage lending institution in the U.S. as of this writing. As such they can offer amazing terms and interest rates. They also have a customer service satisfaction higher than Apple or Costco. Their entire business model is designed to get you an amazing customized loan package, and do it within the time constraints you are working under.
Sometimes GuaranteedRate doesn’t have the right deal. Unlike a bank, this doesn’t shut the door, it just opens others. In addition to being a bank, GuaranteedRate is a broker, and Bill Rayman has been building a portfolio of other products, including those of all the major banks. Bill will guide you to the bank who has a product, the terms, or the lending requirements that will fit you. Bill works for you, and only gets paid if you get a loan. His goal is the same as your goal: get you a fantastic mortgage so you can close on your home.
Bill Rayman is looking forward to being you most critical financial resource as you work towards purchasing any real property. There is no cost for his advice. Call Bill today and see how much you qualify for: (424) 354-5325