Need to borrow more than the Fannie Mae and Freddie Mac conforming loan limits permit? In that case, you will need a jumbo mortgage to purchase the home of your dreams in Stockton or the surrounding region.
You might think that a jumbo mortgage will carry a significantly higher interest rate than a conventional home loan. But if you qualify for a competitive jumbo mortgage, that does not need to be the case. You may be surprised by just how affordable a Stockton jumbo mortgage can be.
A jumbo mortgage is right for you if you need to borrow more than is possible with conventional financing. As the upper limits for conforming loans are set individually for each county, you need to find out what those limits are for the county where the home will be located.
Stockton is the county seat of San Joaquin County. The conforming loan limits for the county are the same as the baseline limits for California in 2019. They are as follows:
If you are shopping for a home in a higher-cost county nearby, the conforming loan limits may be higher as well. As an example, the San Francisco County conventional loan limits are:
When you apply for a mortgage, we can tell you based on the county where you are purchasing a home whether to apply for a conventional or jumbo home loan.
Eligibility for a jumbo mortgage in Stockton or elsewhere in California is determined by a stricter version of the same criteria which are applied to conventional mortgages.
As you are borrowing more money, you need to present a more competitive risk profile as a borrower than you would for a conforming loan. You will need a strong credit score and DTI ratio.
You will need to have the home appraised twice in many cases instead of the one time typically required for a conventional mortgage.
You must have the ability to make a down payment ranging up to 30%.
Documentation is necessary to prove six months or more of cash reserves.
If you think that a jumbo mortgage in Stockton may be what you need, H.O.M.E. Lending is here to make the process as simple as possible and to bring you interest rates which are competitive. To schedule your jumbo mortgage consultation in California, please call (209) 477-0262 or email firstname.lastname@example.org.
Top Rated Mortgage Broker In Stockton
H.O.M.E. Lending is located on 1919 Grand Canal Blvd A6, Stockton. Located about 10.5 miles from the Stockton Metropolitan Airport (SCK). From the 5 Fwy exit March Ln and turn east. Then turn right at the 3rd light (McGaw) and turn into the first drive way. H.O.M.E. Lending is located directly across the street from F&M Bank.
We are open Monday - Friday 8am - 6pm.
For additional questions you can call us at (209) 477-0262 or you can find us on Yelp.
H.O.M.E. Lending is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.