6 San Diego's #1 Jumbo Home Loan Rate Hacks in 2021

6 San Diego's #1 Jumbo Home Loan Rate Hacks in 2021

Most Americans don't seek a jumbo mortgage. In fact, lenders nationwide only have about 4 percent of all their mortgage loans fall into the jumbo category. 

However, there are certain advantages to seeking a jumbo mortgage and you can do take some steps that will reduce or eliminate your down payment, reduce your monthly mortgage or give you other options that will save thousand over the life of your loan. 

Defining a Jumbo Mortgage

The first thing is to understand the definition of a jumbo mortgage. Simply put, a jumbo mortgage is a loan that is too large to be backed by the federal government as in a FHA loan, USDA loan or VA loan. 

Those parameters are set by the government and vary in certain areas deemed “high cost.” For those seeking a home in San Diego, it pays to know that San Diego is one of the cities considered on the high cost list. That means you will have a higher threshold set by the government before a loan is considered a jumbo loan.

Who Approves Jumbo Loans?

Jumbo loans are approved by a number of lenders nationwide. The difference between these lenders and those who approve non-jumbo loans is jumbo loan lenders typically don't advertise the fact they service these type of loans. You will need to look for a good lender capable of handling a jumbo loan.

Now that you understand a little more about jumbo loans, we can move ahead and tell you some ways you can use a jumbo loan to save you money. There are five San Diego jumbo mortgage rate hacks you can use this year. 

Here's a quick rundown of our list:

1) Look to see if any niche loans are available.

6 San Diego Jumbo Mortgage Rate Hacks Revealed (2019 | 2020)

There are mortgage lenders who custom design loans for certain groups of people. They keep these on their books as portfolio loans because they are created to be investments.

Wall Street doesn't buy these loans and they are not required to meet loan standards set by the government. Guidelines and approval are totally up to the lender.

These type of niche loans open up a world for home buyers who may not get financed any other way. Some of loans require no money down, have no maximum loan size limit and even waive income verification. There are hundreds of these type of loans available. 

2. Look to see if you fall into a group for special deals.

6 San Diego Jumbo Mortgage Rate Hacks Revealed (2019 | 2020)

For instance retired mortgage applicants may not be required to prove their income. Doctors can use a doctor's loan program to get a jumbo loan and put down only 10 percent up to a $2 million home loan and not pay any mortgage insurance.

3. Look at other creative options for jumbo loans.

6 San Diego Jumbo Mortgage Rate Hacks Revealed (2019 | 2020)

One of the best feature of a jumbo loan is they don't conform to set government rules, so you can do a number of things with them. For instance, you can use a jumbo loan to close a loan in trust.

Get Pre-Approved in 60 Seconds

4) Aim to get approved quickly.

6 San Diego Jumbo Mortgage Rate Hacks Revealed (2019 | 2020)

As with any loan, getting approved can either be fast or take an enormous amount of time. That really depends on whether you have proper documentation ready when you apply.

To get a fast turn-around approval time, you need to have a good verifiable income, an above-average credit score and at least 25 percent of the purchase price ready as a down payment. 

You will need to have some proof of all this and that includes a bank statement showing you have money for a down payment in the bank, W-W2s and recent tax returns showing income and your latest credit report. 

5) Understand the limits of your area.

6 San Diego Jumbo Mortgage Rate Hacks Revealed (2019 | 2020)

Limits that separates traditional mortgages from jumbo mortgages are increasing in 2021. For San Diego, a jumbo mortgage for a single-family home starts above $753,250.

However, San Diego joins many other larger metro cities considered in a high-cost area. This is an area where homes typically cost more than others nationwide.

Other cities that fall into the category are San Francisco, Los Angeles, Manhattan, Brooklyn, Queens, Staten Island, Bronx, and areas around Washington D.C as well as the nation's capital. 

Jumbo loan are a good way to finance a home without tying up cash and get a competitive interest rate without staying inside government restrictions.

The jumbo loan limits were set as part of the Housing and Economic Recovery Act of 2008. The purpose was to make sure conforming loans backed by Fannie Mae or Freddie Mac would be available to the most people. Jumbo loans are considered a greater risk, so lenders are required to take on the risk if they issue them. 

6) Get an extra appraisal.

6 San Diego Jumbo Mortgage Rate Hacks Revealed (2019 | 2020)

Have a second appraisal on the home's value in hand when you talk to lenders will go a long way to convince them it is worth the value of your loan.

You may have special reasons for seeking out a jumbo loan. It isn't for everyone, but it could be the right loan for people in certain niche groups or who need a loan that doesn’t conform to all the rules. If you think you can benefit from a jumbo mortgage loan, you should research to see how it may benefit you and the interest rate you will pay. 

Those interested in this possibility should call or email me with any questions. 

I'm happy to help and will answer any questions you have about buying a home using this option.

Leave me a comment below – or, contact me here

Your Jumbo Insider, 

Scott

Where Do You Want To Go Next?

By clicking “Send” I/We agree by electronic signature as stated below: 1) To be contacted by telephone even if the telephone number appears on a State/National Do Not Call registry or any company’s Do Not Contact lists. 2) To this website’s Privacy Policy and Terms of Use.

2731 Properties
Page 1 of 228
Open 10/24
8657 Willow Ter Santee, CA 92071
$745,000
Subdivision: Santee
3
Beds
2
Baths
1,667
Sq.Ft.
1981
Year Built
1
Day on Site
210029613
MLS
This gorgeous single story, 3 bedrooms, 2 bathroom, pool home has an open floor plan with 1,667 square feet of living space. This home has beautiful vinyl and tile flooring. The kitchen is a cooks...
$640,000
Subdivision: Horse Creek Ridge
4
Beds
3
Baths
1,911
Sq.Ft.
2018
Year Built
1
Day on Site
210029614
MLS
This gorgeous 4 bedroom, 3 bath home in the community of Horse Creek Ridge is on a corner lot and is just footsteps away from the pool! Open floor plan, open kitchen made for entertaining, relaxing...
$459,900
Subdivision: Woodlands Hills
3
Beds
2
Baths
1,186
Sq.Ft.
1985
Year Built
1
Day on Site
210029615
MLS
Beautiful and meticulously maintained 3 bedrooms, 2 bathrooms and a detached 1-car garage. New windows, paint, flooring, kitchen quartz countertops, kitchen appliances, ceiling recessed lights in...
$490,000
Subdivision: Brandywine
4
Beds
2F11/2
Baths
1,460
Sq.Ft.
1975
Year Built
1
Day on Site
210029617
MLS
Chula Vista GEM at Bon Vivant! Located south of Olympic Parkway and east of the 805. Minutes from stores, restaurants, and Valle Lindo Park; this townhouse has it all: 1,460 SqFt, 4 bedrooms, 3...
$650,000
Subdivision: Chollas View
4
Beds
2
Baths
6,069
Sq.Ft.
1953
Year Built
1
Day on Site
210027216
MLS
This single story built in 1953 duplex features two 2 br/1bath dwellings totaling 1502 SqFt. It sits on a 6069 SqFt lot and comes with solar panels, two new separate electrical panels, dual pane...
$649,000
Subdivision: Bay Terraces
3
Beds
2
Baths
1,548
Sq.Ft.
1961
Year Built
1
Day on Site
210029619
MLS
Experience pride of ownership in this beautiful home in the Bay terraces neighborhood. First time on the Market and owned by the same family since 1961. Home has been recently upgraded with new...
$694,900
Subdivision: Spring Valley
3
Beds
1
Baths
1,502
Sq.Ft.
1959
Year Built
1
Day on Site
210029620
MLS
Beautiful 3 bedroom, 1.5 bathroom, single story home on a large lot in the community of Spring Valley! Enjoy laminate flooring in the living room and an inviting floor-to-ceiling stone fireplace in...
$408,900
Subdivision: National City
2
Beds
2
Baths
1,081
Sq.Ft.
1981
Year Built
1
Day on Site
210029618
MLS
Lovely 2 bedroom, 2 bathroom, single story condo with community views in the Las Palmas Park Villas in National City! Enjoy a spacious floor plan with an inviting brick fireplace, ceiling fans, and a...
$993,900
Subdivision: Chula Vista
5
Beds
2F11/2
Baths
2,705
Sq.Ft.
2004
Year Built
1
Day on Site
210029623
MLS
Gorgeous 5 bedroom, 2.5 bathroom, 2 story home with mountain views in the community of Eastlake Trails in Chula Vista! Enjoy a formal entry, dining room, family room, and a gourmet kitchen. The...
2
Beds
2
Baths
963
Sq.Ft.
1968
Year Built
1
Day on Site
304997547
MLS
Charming and cozy 2 bedroom Condo on 3rd Ave. Crown moldings decorate the bright & spacious living room and both bedrooms. Tile floors and laminated floors that make the perfect match for this lovely...
Open 10/24
12774 Benavente Way San Diego, CA 92129
$1,250,000
Subdivision: Rancho Penasquitos
3
Beds
2
Baths
1,572
Sq.Ft.
1978
Year Built
1
Day on Site
210029625
MLS
Absolutely Stunning New Designer Remodel on .28 Acre With A Spectacular Panoramic Canyon View Feels Like A Private Resort! Located In The Award Winning Poway School District! Open Concept Floorplan...
$849,000
Subdivision: Del Mar Terrace
3
Beds
2F11/2
Baths
1,380
Sq.Ft.
1973
Year Built
1
Day on Site
210029626
MLS
Rare 3 bedroom, 2.5 bath condo in Del Mar Villas! Located west of Interstate 5 and only 1.5 miles to famous Torrey Pines State Beach this condo includes a southern exposure entry, large living...

Get Scott's Personal Help Below...


This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Post a Comment