Jumbo Loans for Beginners
Discover what a jumbo loan is and how it might benefit you.
A jumbo loan is indeed a more substantial debt than other mortgages, but it might be your best choice. Of course, that depends on your income, the price of the home you want to buy, and the available loan options you have at your disposal.
A jumbo loan is a loan that exceeds the conforming loan limits set by the Federal Housing Enterprise Oversight. That means that any mortgage, which is nonconforming and exceeds the loan limit set the area where the home is located is considered jumbo.
Understanding conforming loan limits for properties where you want to buy a house is the key to understanding jumbo loans. Loan limits are naturally higher in areas where the cost of living is higher. Remember that limits are tied to the local median value of homes.
Qualifying for a jumbo mortgage is just like qualifying for any other mortgage. Your eligibility depends on income, credit score, employment status, and cash reserves.
Usually, it is harder to qualify for a jumbo loan than a nonconforming loan. That is because the loan is outside of the parameters set by the government. Lenders have to evaluate your ability to pay back the loan carefully. Most lenders will require you to exceed the standard requirements for conforming mortgages.
This means that your credit score and debt to income ratio are critical. Credit scores need to be higher for jumbo loans than other types of mortgages. Additionally, the debt to income ratio is generally lower for jumbo loans. Also important are your cash reserves. Jumbo lenders will require you to have anywhere from three to twenty-four months of reserves available. Money in the bank counts toward your reserves, as do retirement or investment accounts.
Another important factor that lenders consider is how much you are putting down. Most experts suggest you should plan on at least a 5% down payment if you are applying for a jumbo loan. Anything less than 20% will require you to purchase private mortgage insurance.
Investment banks tend to offer the most competitive rates on jumbo loans, but it is essential to speak with several lenders to find the best rate. Jumbo loan rates are not much different from conforming loan rates. In some cases, they are actually lower.
You might be the right candidate for a jumbo loan if you can cover a larger monthly payment and have the qualifying amount of cash reserves.
Jumbo loan applications might be delayed if a lender cannot verify your assets during underwriting. Additionally, if you are unable to provide two years of stable employment history and have recently changed from a W2 job to being self-employed, you might have difficulty qualifying.
Consider your options carefully when evaluating a jumbo loan. It might just be the best thing for you.
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Nestled in the heart of the Bay Area, Union City stands out as a vibrant cultural hub with a rich tapestry of community life and business opportunities. Known for its strategic location and diverse populace, it offers a unique blend of residential charm and commercial vitality. This blog post delves into why Union City is an exceptional choice for real estate buyers and sellers looking for growth, stability, and culture.
WOW! What a beauty nestled in the Lafayette community! Charming single-story 5 Bedrooms, 3 Bath home with 2,697 sq ft Fully Remodeled Top to bottom, this lovely home is ready for you to call home with Almost 18k sq ft lot, enough parking space for RV or Boat. Home features a spacious bright environment with a newly remodeled Kitchen with a modern design, stainless steel sleek appliances, white cabinetry, island and quartz counter tops. Recess lighting throughout, New engineered wood flooring throughout home and tile is the bathrooms. Escape to the yard through the double doors and Surround yourself in the beautiful forest like setting, you can definitely enjoy your privacy. Drive up on the brick tile driveway to your Two car garage featuring a new black modern door. Low maintenance yard with turf landscaped too. Come take a look at this beauty, nothing but to do but move in!⠀ ⠀ 🏡 Open Houses⠀ Sat, Apr 20 & Sun, Apr 21⠀ 12:30PM - 4:30PM⠀ ⠀ 📍1099 Country Club Dr, Lafayette, CA 94549⠀ 5 Beds | 3 Baths | 2,697 sqft | 0.41 acres lot⠀ Offered at: $1,449,900⠀ View Listing: https://davidazimi.realscout.com/homesearch/listings/133376754 View Video Tour: https://youtu.be/RZrl9zNLrrc ⠀ Eager to know more? Slide into our DMs for property insights!⠀ ⠀ INTERO Real Estate | DO...BE...ACHIEVE! ⠀ ⠀ David Azimi | CA DRE# 01790940⠀ 📲 510.386.4844⠀ 📧 info@davidazimigroup.com⠀ 🌐 www.davidazimigroup.com⠀ ⠀ #TheDavidAzimiGroup #Intero #UnionCity #EastBay #Fremont #Pleasanton #TopAgent #ListingAgent #Broker #RealEstate #HomeForSale #RealEstateExpert #Properties #REALTOR® #NewListingAlert #NewListing #ForSale
View Listing: https://davidazimi381.realscout.com/homesearch/listings/132588561 Beautiful and Immaculate San Ramon home ready for you to call home. Nested in the highly desirable and sought-after Gale Ranch Community. Open floor plan with a spacious 4 bedrooms and 4.5 bathrooms. The home features a bedroom suite with an attached full bathroom & walk-in closet downstairs, a family room, formal dining room, kitchen with bar/island eating area, featuring granite countertops, sleek modern cabinets and stainless steel appliances, a spacious loft, master bedroom suite with a walk-in closet, and 2 additional bedrooms, with bathrooms. There is an attached two-car garage with plenty of storage space. Come view the yard featuring a lovely designed landscaped with your very own vineyard to enjoy. Great location near trails, desirable San Ramon schools, parks, shopping centers, The Bishop Ranch City Center, 24 Hour Fitness, freeways, transportation, and much more! 📍 3231 Carpenter Way, San Ramon, CA 94582 4 Beds | 4.5 Baths | 3,177 sqft | 9,503 sqft lot Offered at: $2,450,000 INTERO Real Estate | DO...BE...ACHIEVE! David Azimi | CA DRE# 01790940 📲 510.386.4844 📧 info@davidazimigroup.com 🌐 www.davidazimigroup.com #TheDavidAzimiGroup #Intero #UnionCity #EastBay #Fremont #Pleasanton #TopAgent #ListingAgent #Broker #RealEstate #HomeForSale #RealEstateExpert #Properties #REALTOR® #NewListingAlert #NewListing #ForSale #SanRamon
NEW ON THE MARKET! Great Location! Beautiful 4BR / 2.5 BA home in the desirable Parktown neighborhood w/ high rating schools in Milpitas! Very well-maintained Cozy home ready for you! Open Kitchen to Dining room, Spacious Living room with fireplace to snuggle up to, Convenient location to walk to Sinnott Elementary, Rancho Middle, parks. Easy to access to Great Mall shopping, and Fwys. Go to see now! View Listing: https://davidazimi381.realscout.com/homesearch/listings/132585701 🏡 Open Houses Sat, Apr 6 & Sun, Apr 7 1PM - 4PM 📍 1450 Mount Shasta Ave, Milpitas, CA 95035 4 Beds | 2.5 Baths | 2,030 sqft | 5,700 sqft lot Offered at: $1,699,900 Yearning for a new place to call your own? Discover more about this property by clicking the link and exploring our image gallery! 🏡 INTERO Real Estate | DO...BE...ACHIEVE! David Azimi | CA DRE# 01790940 📲 510.386.4844 📧 info@davidazimigroup.com 🌐 www.davidazimigroup.com #TheDavidAzimiGroup #Intero #UnionCity #EastBay #Fremont #Pleasanton #TopAgent #ListingAgent #Broker #RealEstate #HomeForSale #RealEstateExpert #Properties #REALTOR® #NewListingAlert #NewListing #ForSale #Milpitas
JUST LISTED! Beautiful 3 bedroom home in Concord! Great spacious home, light & bright living room with vintage fireplace opens via French doors to the garden & patio. A family room/sunroom, w/ fireplace to cozy up to on those chilli evenings, The eat-in kitchen w/ breakfast nook is fully equipped. A formal dining area, 3 bedrooms, with tons of natural light. The primary suite w/ full bathroom. Plenty of storage both inside & in the spacious garage. Yard offers low maintenance too. Come see today before this Stylish beauty is gone! 🏡 Open Houses Sat, Apr 6 & Sun, Apr 7 12PM - 3PM 📍 3213 Ida Dr, Concord, CA 94519 3 Beds | 2 Baths | 1,388 sqft | 6,390 sqft lot Offered at: $799,900 View Listing: https://davidazimi.realscout.com/homesearch/listings/132586656 Interested? Send us a DM to explore this property further! 📩 INTERO Real Estate | DO...BE...ACHIEVE! David Azimi | CA DRE# 01790940 📲 510.386.4844 📧 info@davidazimigroup.com 🌐 www.davidazimigroup.com Co-Listed By: Ali Anam, License #02213930 #TheDavidAzimiGroup #Intero #UnionCity #EastBay #Fremont #Pleasanton #TopAgent #ListingAgent #Broker #RealEstate #HomeForSale #RealEstateExpert #Properties #REALTOR® #NewListingAlert #NewListing #ForSale #Concord
🏠OPEN HOUSE🏠 Great opportunity to buy this property, featuring 3 bedroom 1.5 baths Two story, two car garage View Listing: https://davidazimi.realscout.com/homesearch/listings/130146273 📍 1059 S 55th St, Richmond, CA 94804 3 Beds | 1.5 Baths | 1,209 sqft | 3,500 sqft lot 🏡 Open Houses 📆 Saturday & Sunday | March 23 & 24 🕑 1PM - 4PM Offered at: $699,900 DM me for all the property details. INTERO Real Estate | DO...BE...ACHIEVE! David Azimi | CA DRE# 01790940 📲 510.386.4844 📧 info@davidazimigroup.com 🌐 www.davidazimigroup.com #TheDavidAzimiGroup #Intero #UnionCity #EastBay #Fremont #Pleasanton #TopAgent #ListingAgent #Broker #RealEstate #HomeForSale #RealEstateExpert #Properties #REALTOR® #JustListed #NewListingAlert #NewListing #ForSale
Unlock the potential of urban living and investment with our extraordinary 2-story live-work space in the heart of Berkeley. Elevate your lifestyle and portfolio simultaneously – seize the opportunity to redefine your surroundings and financial future! 🏡💼 📍 1312 4th St, Berkeley, CA 94710 Offered at: $549,900 | 862 sqft View Listing 🏡 https://davidazimi.realscout.com/homesearch/listings/116981426 ▪️ 2 story live-work space in the desirable 4th St neighborhood of Berkeley! ▪️ The space can be used for manufacturing, wholesale trade, warehousing, or art studio. ▪️ Great location with plenty of foot traffic and close to Hwy, restaurants and shops. ▪️ Unit with kitchen and bath too. Interested? Send me a DM to explore this property further! INTERO Real Estate | DO...BE...ACHIEVE! David Azimi | CA DRE# 01790940 📲 510.386.4844 📧 info@davidazimigroup.com 🌐 www.davidazimigroup.com #TheDavidAzimiGroup #Intero #UnionCity #EastBay #Fremont #Pleasanton #TopAgent #ListingAgent #Broker #RealEstate #HomeForSale #RealEstateExpert #Properties #REALTOR® #NewListingAlert #NewListing #ForSale #InvestmentProperty #Berkeley
Another home in Hayward is off the market! This 2 Bed, 2 Bath gem has just gone PENDING SALE! Don't miss out on the next chapter of this story. Stay tuned! 🎉 📍 1150 W Winton Ave, 533 Hayward, CA 94545 View Listing: https://davidazimi.realscout.com/homesearch/listings/123973869 Elevate the potential of your home's value with The David Azimi Group! Our dedicated team delivers personalized service and employs cutting-edge marketing strategies to ensure your property achieves its maximum value. Send us a DM to get started! INTERO Real Estate | DO...BE...ACHIEVE! David Azimi | CA DRE# 01790940 📲 510.386.4844 📧 info@davidazimigroup.com 🌐 www.davidazimigroup.com
CORNER LOT!! Located In The Heart Of Hayward, This Home Features A Spacious Floor Plan w/plenty of Natural Light and cherry wood flooring. Updated Modern Kitchen Features Solid Counter Tops And Back Splash, Gas Range, Stainless Steel Appliances. The Bathrooms Has Been Updated and home is ready for you, Side yard access too with gate. Location Is Commuter Friendly; Close To Shopping, I-92, & I-880, and Chabot college, Minutes Away From San Mateo Bridge, Come see today! 🏡 Open Houses 📆 Saturday & Sunday | March 16 & 17 🕑 1PM - 4PM 📍 880 Sueirro St Hayward, CA 94541 3 Beds | 2 Baths | 1,864 sqft | 6,030 sqft lot Offered at: $829,999 View Listing: https://davidazimi.realscout.com/homesearch/listings/131236719 INTERO Real Estate | DO...BE...ACHIEVE! David Azimi | CA DRE# 01790940 📲 510.386.4844 📧 info@davidazimigroup.com 🌐 www.davidazimigroup.com #TheDavidAzimiGroup #Intero #UnionCity #EastBay #Fremont #Pleasanton #TopAgent #ListingAgent #Broker #RealEstate #HomeForSale #RealEstateExpert #Properties #REALTOR® #NewListingAlert #NewListing #ForSale #JustListed #NewListing #ForSale
Luxury Living with Stunning views of Downtown at THE 88 Community. This Unit is on the 20th floor which offers unparalleled privacy and a rare find! Featuring 11 ft ceilings, upgraded kitchen appliance package: including Viking range, Studio Becker cabinets and more. This spacious 2 bed/2 bath is on the north west corner of the 88, Great layout featuring a formal entry w/closet & separate laundry area. Spacious bedrooms, with plenty of space for arranging. Main Bedroom has an en suite bath and the second bath w/pedestal sink & tiled stall shower. 2 premium parking spots + 1 guest parking pass. Enjoy the Amazing Amenities: with A Stylish 24 hour Attended Guest Lobby with Gas Fireplace, 24-Hour Security on Site, State-of-the-art Fitness Center, Great Clubhouse w/chef's kitchen(5th floor), Game Room with Billiards (2nf Floor), Heated Lap Pool (salted) and Skyline Observation Terrace on the 21st Floor. Dry cleaning service (nice feature at a cost) Located Near SAP Center, San Pedro Square, San Jose State University, San Jose Convention Center, San Jose Museum of Art, Future Google Campus, Restaurants & Coffee Shops. Great Commuter Location Near 101, 880 & 87, VA Trains, ACE Trains & San Jose Airport. 🏡 Open Houses 📆 Saturday & Sunday | March 16 & 17 🕑 12PM - 3PM 📍 88 E San Fernando St, 2011 San Jose, CA 95113 2 Beds | 2 Baths | 1,270 sqft | 279 sqft lot Offered at: $999,900 View Listing: https://davidazimi.realscout.com/homesearch/listings/128705269 INTERO Real Estate | DO...BE...ACHIEVE! David Azimi | CA DRE# 01790940 📲 510.386.4844 📧 info@davidazimigroup.com 🌐 www.davidazimigroup.com #TheDavidAzimiGroup #Intero #UnionCity #EastBay #Fremont #Pleasanton #TopAgent #ListingAgent #Broker #RealEstate #HomeForSale #RealEstateExpert #Properties #REALTOR® #NewListingAlert #NewListing #ForSale #JustListed #NewListing #ForSale #SanJose
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