The Federal Housing Finance Agency (FHFA), Fannie Mae, and Freddie Mac stipulate a maximum amount for loans that they will purchase from lenders. The general rule is, loan limits are $417,000, although they go as high as $625,500 in some high-cost parts of the continental United States and Puerto Rico, and even higher in Hawaii, Alaska, the U.S. Virgin Islands and Guam.

Mortgage loans that are allowed to exceed these loan limits are called jumbo mortgages or jumbo loans and can even be referred to as super jumbo loans. The cost of obtaining a jumbo mortgage is usually higher than the cost of obtaining conventional loans. In consequence, they are often a higher-priced mortgage loan. Due to the home values in San Diego, Orange County  and other cities in California Jumbo home loans are very popular.

In most cases higher-priced mortgage loans are one with an annual percentage rate (APR) higher than a benchmark rate called the Average Prime Offer Rate (APOR). The APOR is an annual percentage rate that is based on average interest rates, fees, and other terms on mortgages offered to highly qualified borrowers.

A home loan, or mortgage will be considered a higher-priced mortgage loan if the APR (annual percentage rate) is a certain percentage higher than the APOR depending on the type of home loan, or mortgage. Available as both fixed rate (15 and 30 years) and adjustable rate mortgage (ARM) (5/1, 7/1, and 10/1 ARM options).

If a mortgage is a first-lien jumbo loan, it is usually a higher-priced mortgage, if the APR (annual percentage rate) is 2.5 percentage points or more higher than the Average Prime Offer Rate.

Kevin Leonard and his team works with mortgage bankers that offer fixed and adjustable rate options on loan amounts up to $5 million. We offer loans on a variety of property types including single family primary residences, second homes, and investment properties.

Kevin Leonard and his team can provide adjustable rate programs or give borrowers the peace of mind and stability that comes with a fixed-rate loan. We can offer high loan amounts up to on both primary residences and second homes. Our lender can offer Rate and term, cash out options, purchase and refinances, and most importantly highly competitive interest rates.

If you are in need of an adjustable rate mortgage, for those who are seeking flexible home loan rates. There are variable rate mortgages that can be discussed based on products available. We have the ability to close the majority of our loans in 30 days or less! Contact us today and have a jumbo loan specialist discuss your purchase or refinance. We have local jumbo loan experts in San Diego, Orange County, Riverside, Los Angeles and San Bernardino.

 Jumbo Loan Limit San Diego 2015

Counties with Increases in Maximum Conforming Loan Limits for Fannie Mae and Freddie Mac Loan Limit Increases: 2014-2015 (One-Unit Properties)

  1. Monterey County CA SALINAS, CA  – 2014 Loan Limit ($ 483,000)  2015 Loan Limit ($ 502,550) up $ 19,550
  2. Napa County CA NAPA, CA 2014 Loan Limit  ($ 592,250) 2015 Loan Limit ($ 615,250) up $ 23,000
  3. San Diego County CA SAN DIEGO-CARLSBAD, CA 2014 Loan Limit ($ 546,250) 2015 Loan Limit ($ 562,350) up $ 16,100
  4. Ventura County CA OXNARD-THOUSAND OAKS-VENTURA, CA 2014 Loan Limit ($ 598,000)  2015 Loan Limit ($ 603,750) up $ 5,750

Maximum Guaranty Limits for February 28, 2014 to December 31, 2014
2014 Revised VA Effective Loan Limits
The Department of Veterans Affairs (VA) Loan Guaranty program does not set a
maximum amount that an eligible Veteran may borrow using a VA-guaranteed
loan. Lenders may make loans to Veterans over the calculated maximum loan
limit; however, lenders may require Veterans to make a down-payment in these
types of transactions.