Buying a home in the South Bay can be an eye-opening experience. Especially as you get closer to the beach, the chances of the home you desire to own easily exceeds the conventional loan limit of $510,400. With the steep average price of property in Los Angeles, California being around $1,007,000 at the moment, it is clear that the South Bay will only get more expensive.
This will most likely require you to apply for a higher-limit loan, and that’s when 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. The beauty of The South Bay often outweighs the high numbers on prices we experience. Jumbo Loans will help you experience that bliss.
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.
First Off, what is a Jumbo Loan?
Jumbo loans are a type of “non-conforming” loan that exceeds the set limit of a conventional loan. Loans that are conforming are typically maxed at $510,400 and cannot 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 have 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.
Utilize The Experts at Midgate Mortgage
It is no secret that prices continue to increase in the South Bay and show no sign of slowing. But the simple fact is that since this community is so lively, diverse, and caring on top of the perks of enjoying the beach, it is all worth it. 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 Contact Page 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.