4 ms·
if you have a jumbo loan you need a much larger downpayment. which is basically required in any state on the coasts.
by ffggvv 5y ago
if you have a jumbo loan you need a much larger downpayment. which is basically required in any state on the coasts.
- anotherman554 5y agoIf you think most people in coastal states are getting jumbo loans you are out of touch.
- hadlock 5y agoLoan originators who specialize in west coast markets can get qualified buyers a 15% down payment + 5% HELOC for Jumbo Loans, up to at least $2mm, which covers most comfortable condos in San Francisco and even some smaller single family homes.
- plorkyeran 5y agoThe threshold for loan size which requires a jumbo loan is set per county and is much higher in the expensive coastal states. In California it's $548,250 in the rural counties where homes are around $250/square foot, so the vast majority of homes will qualify for conforming loans. In the sf bay area it's $822,375, which is well below the average price in some but not all cities.