Jumbo Mortgage Approval Orange County CA: Orange County covers a lot of Southern California Territory covering some 948 square miles. From Fullerton to Newport Beach to San Clemente to Anaheim, Orange County is home to some 3 million residents making it the third most populous county in California and the sixth-most in the U.S. And after a slump in home prices toward the end of the last decade, property values again are on the rise and have gradually surpassed home values prior to the decline.
The median home value for Orange County today is right around $1,047,000 which is close to the current conforming loan limit of $1,089,300. This means jumbo financing is an option for more home buyers in Orange County compared to other spots in the United States.
While most jumbo lenders approve loans using the same basic guidelines they may also add additional requirements in order to obtain a jumbo mortgage approval. For example, jumbo loans may require a minimum down payment of 10 percent and a minimum credit score of 700, while another jumbo loan might ask for a 25 percent down payment and a 720 score. These individual adjustments to jumbo loan programs in Orange County can vary slightly depending upon the appetite of the individual jumbo lender. Read below for 95 percent jumbo options.
Some borrowers however might choose to take advantage of the low rates available and decide to leverage as much as possible by financing up to 95% loan to value. That’s right, jumbo financing is available to eligible homebuyers up to $2,000,000 with only 5% down payment required. Buyers can read about all the latest nationwide 95% Jumbo requirements here.
Buyers can often choose between two options:
1. Single loan 95% Jumbo with NO PMI.
2. Combo first mortgage at 80% of the sales price and the second mortgage at 15%.
The Jumbo loan specialist can run the math comparing different scenarios to discover the ideal jumbo financing option for your situation.
Please see all of the latest 2023 Jumbo loan guidelines here
If you’re employed and receive a regular paycheck you’ll be asked to provide your two most recent paycheck stubs and two years of W2 forms. If you’re self-employed you can expect to be asked for your two most recent federal income tax returns, a year-to-date P&L and business bank statements in addition to your personal financial information.
Most sellers today, especially so in Orange County, require that all offers include a pre-approval letter from a lender. When you select your jumbo lender, ask your loan officer to provide you with a pre-approval letter that tells the seller that not only have you applied for your financing but the lender has reviewed your financials as well as your credit history.
Providing such a letter will give you a hands-up compared to other potential buyers without one. Once you get an accepted offer for a home in Orange County, having previously provided your personal information means your loan approval will be a smooth process.
Questions about any of the Jumbo mortgage options listed above? Contact https://jumbomortgagesource.com