Jumbo Home Loans

In Southern California, average housing costs have continued to increase, but 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 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 $879,750.⁴

Adjustable Rate Jumbo Loans (ARM)
With an adjustable rate mortgage, the initial interest rate is fixed for a period of time, 5 or 7 years 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. ARMs typically have lower starting rates which can help lower your payments or allow you to qualify for a higher loan amount.

Fixed Rate Jumbo Loans
A fixed rate mortgage is a home loan that has an interest rate that doesn’t change. That means your interest rate won’t increase or decrease over the life of the loan. Your payment is the same each month, making it easier to budget. A fixed rate mortgage is one of the most common home loan options.

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 or refinance. 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. You will find low fixed rates and adjustable rates for home loans that offer low monthly payments and down payments as low as 10%. We also offer a 90-day rate lock once you find a property. Learn more about our mortgage programs here: sdccu.com/mortgage.