If you’re trying to purchase a house in Los Angeles, you have most likely noticed that it is one of the most expensive property markets in the country. Chances are the home you desire to own exceeds the conventional loan limit of $510,400, especially if it is near the beach. The average price of property in Los Angeles, California is $1,007,000, but depending on where the property is, the price can be much, much steeper.
If you require a heftier loan than what a conventional one can provide, you need to consider Jumbo Loans. Here at Midgate Mortgage, we will help you be informed by knowing all the important details about Jumbo Loans and how they can be right for you. Residing in Los Angeles, California, you know how pricey everything is, and that definitely does not exclude the housing market.
Don’t hesitate today, give us a call at 310-791-0854 to speak to a loan officer, or you can reach out to us. We can help you get the home that you have been dreaming of. Continue reading below to find out more about Jumbo Loans and property market trends.
What is a Jumbo Loan?
Jumbo loans are a type of “non-conforming” loans that exceed the set limit of a conventional loan. Loans that are conforming are typically maxed at $510,400 and can not be crossed. Fannie Mae and Freddie Mac are the mortgage giants that set that limit.
Any loan that is more than that set price is non-conforming. In some instances, the minimum financing barrier in high-priced areas is $765,000. At Midgate Mortgage, the Jumbo Loan packages we offer has been expanded. We have investors ready to fund these Jumbo Loans, as well as a Secondary Market department that is developing jumbo choices for several areas and homebuyer requirements.
The difference a year can make
The housing market is spiking and is more than likely to continue to rise. In one year, the market increased 17.1% from 2021 to 2022. The prices of homes in Los Angeles are even predicted to increase further in 2023.
However, at Midgate Mortgage, we can turn that concern into ease with our Jumbo Loans. Don’t wait another year to purchase that home you’ve had your eye on. In another year, the average price of the house will only increase. Take advantage of our expanded Jumbo Loan package now.
Give us a call to see how we can help
By reaching out to us, you are taking the first step to purchasing your next property you will call home. Call our phone number at 310-791-0854 to speak to a loan officer and discover the ways we can assist you. You can also visit our website’s here to fill out a quick form and we’ll reach out to you. Don’t wait. Let’s get started purchasing the home you desire.