Jumbo Home Loans

In Southern California, average housing costs have continued to increase, and a jumbo home loan gives potential homeowners the option to purchase the home of their dreams. If you’re thinking of buying a house in San Diego or elsewhere in California, now is a great time to consider a low rate jumbo mortgage loan from San Diego County Credit Union. Jumbo loans are loan amounts that exceed conventional or conforming loan limits. These limits are published annually and vary by county. In San Diego County, a jumbo loan is a loan amount greater than $1,104,500.¹

Adjustable Rate Jumbo Loans (ARM)
With an adjustable rate mortgage, the initial interest rate is fixed for a period of time, depending on the loan you select. After this initial period of time, the interest rate can change periodically. The interest rate for an ARM is reset based on a benchmark or index, plus an additional spread called a margin. Your rate will be determined by adding the margin and the index.  The initial interest rate is not based on the index plus margin used for later adjustments (the ‘fully indexed rate’) and is lower than the fully indexed rate. After the initial fixed period, the interest rate and monthly payment may increase based on changes to the index plus margin.

SDCCU looks at many factors when applying for a jumbo loan, such as:

• Credit score
• Debt-to-income ratio
• Down payment
• Appraisal of the property
• Documentation such as tax documents, bank statements, etc.

SDCCU is here to help if you decide to buy a new home or refinance your current home. As your trusted home lender, SDCCU will provide you with loan estimates to make an informed decision about what fits your needs. SDCCU offers low rate conforming and jumbo home loans in San Diego and throughout Southern California up to $3 million. We also offer a 45-day rate lock once you find a property². Learn more about our mortgage programs here.

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