Conventional Financing up to $679,650
Oso Creek Financial has a fantastic new loan program we call "Jumbo Statewide" that allows financing up to $679,650 as a conventional loan for the entire State of California. The conforming limit only goes up to $453,100 in most counties in California - although there are a few areas labeled as "High Cost Areas" by Fannie Mae and Freddie Mac that go up to $679,650. Loans between $453,100 and $679,650 are called Conforming High Ballance or Agency Jumbo’s. If you are not in a High Cost Area any mortgage amount above $453,100 would either need to be a true Jumbo loan or a combo loan.
* Jumbo loans typically have higher interest rates and are harder to qualify for because you need to show more income and more assets -That’s what makes this option less attractive.
* Combo loans may be a good option if the second mortgage is small but fixed second mortgages typically have high interest rate s and variable second mortgage like a Home Equity Line of Credit (Heloc) probably is not the best option in a rising rate environment.
This Loan program requires:
* Starting at 680 Fico
* 10% Down
* Primary & Secondary Homes
Here is a list of counties that will benefit by this program:
|County||Conforming limit (As of March 2018)|
|SAN LUIS OBISPO||$615,250|
You can also look up loan limits here: on Fannie Mae.
Call me today at (888) 777-3671 or fill out the quote request so we can qualify you for this fantastic new program