Jumbo loan programs are making comeback for Orange County home buyers and current home owners in 2010. The past two years have been tough for anyone looking for a loan over the “high balance” Conforming limit in Orange County of $729,750. Along with the collapse of the secondary mortgage market in 2007 came the near extinction of the “Jumbo” loan product. Fannie Mae, Freddie Mac, and even FHA stepped up to help fill the gap by increasing the Conforming loan limit in Orange County to $729,750. Even Orange County VA eligible borrowers can purchase a home in Orange County with $0 down payment up to a price of $593,750. It’s even possible to get VA loan with a small amount of down payment (or equity) up to a loan of just over $1,000,000. But what about those Orange County borrowers who need a loan amount greater than $729,750 (and are not VA loan eligible)?
What it Takes to Get a $1,000,000 Loan
Verifiable income is more important than ever, along with a borrowers FICO score on the credit report, and reserves in the bank after the close of escrow. There are some fairly aggressive loan programs available. Aggressive meaning a home buyer can get away with only a 20% down payment on a $1,500,000 home. The loan programs tend to be 3, 5, and 7 year fixed loan programs with the option of making an interest only payment, but there are also decent 30 and 15 year fixed loan programs.
Stated Income is Still Possible
Stated Income loans are rare, but still possible. They are not as “stated” as they were a few years ago, but for a self employed borrower with good credit and a solid history of owning and/or operating a business, these types of programs are essential.
The first step in figuring out what type of options are available is to talk to a veteran Orange County Jumbo Loan expert who knows what questions to ask and can come up with solutions quickly.
Authored by Tim Storm, an Orange County, CA Jumbo Mortgage Loan Officer – Please contact my office at Alpine Mortgage Planning for more information about an Orange County, CA Jumbo loan. 877-786-4243 x 7.
Call our office today and see how we can help you and your family.
877.786.4243 x 7 | tstorm (at) ochomebuyerloans.com