With prices in San Diego continuing to rise, Jumbo Loans are becoming more and more prominent. Today I’d like to share some inside info on Jumbo Financing and 1 trick you should know.
We live in a little bit of an odd time, in that lending guidelines seem to be both tightening and loosening at the same time. There seems to be downward pressure on the conventional loan limits, while new avenues of financing are reappearing. In San Diego conventional lending only allows financing up to $546k,250. So if you are buying a home and need more $ than that, you find yourself in the Jumbo world.
Now often referred to as non-conforming, jumbo loans can be costly, have higher rates, and stricter parameters. But on the flip side the rates have become extremely good and really aren’t all that far off from conventional loans. But there is a trick you should know about.
A small number of lenders are now offering 2nd loans again to supplement your purchase. If you do it right this strategy can save you tens of thousands of dollars over the life of a loan. That’s because you can couple these loans in a strategic way to save money, increase parameters, and get a generally better loan.
To learn more about these programs, click here to send me an email. In the subject line write “I’d like to learn more about Jumbo Alternatives”. I’d be happy to share more details.