If you’re new to the process of trying to buy a home, you’re probably hearing a lot of phrases that you might not fully understand. A common phrase that you’ve probably heard, especially if you live in California is “jumbo loan.” In today’s blog entry, we are going to discuss what a jumbo loan is, whether or not you need one, and how CalSun Mortgage can help. Contact us when you’re ready to start the application process!

What Makes A Jumbo Home Loan Jumbo?

A jumbo loan is a mortgage that's larger than the conforming limit in a given county. This can vary pretty drastically depending on where you live. In Los Angeles County, for example, the limit on a single unit is more than $820,000. A jumbo loan is different from a conforming loan in that they usually require higher down payments and lower debt to income ratios.

How You Can Qualify For A Jumbo Loan

As mentioned in the paragraph above, in order to qualify for a jumbo loan, you will need a higher down payment and a lower debt to income ratio. A jumbo loan also means that you’ll have a larger monthly payment.

Get Your Application Ready Today

One of the most important steps to take before trying to buy a house is to know what you are going to need for your application. This can include everything from a down payment to pay stubs and a lot more. To find out exactly what you need to qualify for a jumbo loan, contact CalSun Mortgage.

How CalSun Mortgage Can Help

If you want to live in an area where the cost of a home is high, it’s important that you are as prepared as possible before you start to look for homes. That’s where we can help. At CalSun Mortgage, we help people get the loans that they need for the home they want. Whether you’re searching for a jumbo loan or you’re self-employed and trying to buy a house, we are here to assist you.

Check out our other blog entries to learn more about the process of getting a jumbo loan, then contact CalSun Mortgage to get the process started.