Jumbo Home Loan and Mortgage
Central Coast Lending is a leading broker of Jumbo home loans on the California Central Coast. Our expert team of loan officers make the process of mortgage finance (or refinance) easy and understandable. With rates at today’s record lows, you can save thousands off your monthly bill.
We guarantee straightforward, honest advice. Contact us for a friendly and confidential discussion about your finances:
You can continue reading below for more information about VA loans. But first, here are some other links that may interest you:
Jumbo Loan Overview
Jumbo financing is a bank portfolio loan offered for properties that exceed the price ceiling of Freddie Mac or Fannie Mae guarantees. Also known as “non-conforming,” the jumbo loan programs are funded by banks and have a stricter set of qualification standards.
Jumbo loans are available in different length and interest packages, including 30 year and 15 year fixed, and three, five, and seven year adjustable rate programs. The Asset Depletion Program and Pledged Asset Program (both explained below) are also available options in the Jumbo Loan program. Talk to one of our loan officers to determine the program that is best for you.
- Loans over 5 million
- Interest only
- Unique Properties
- Asset depletion for qualifying income
- Business assets for reserves allowed
- 90 percent LTV to 5 million with pledged financial assets
- No acreage limit
- Hobby farms with AG zoning allowed
- Second homes and 2-4 unit investment allowed
- Vesting in Trusts, Corps, Partnerships and TIC
Jumbo Loan Qualifications
- Minimum credit score: 680
- Debt-to-income ratio: 45 percent
- Non-occupant co-borrowers are ineligible
Asset Depletion Program
The asset depletion program allows borrowers to use liquid assets as return for income to assist in meeting full doc DTI requirements.
- Good for complex income scenarios: self employed, retired, divorce situations, trust income recipients, corporate buyouts and more
- No age requirements
- No additional paperwork
- Full income documentation underwriting according to guidelines.=
Pledged Asset Program
The pledged asset program offers financing up to 90 percent of a home by pledging security assets or savings in lieu of a down payment, second mortgage or home equity loan. This program is ideal for clients who wish to defer capital gains or losses while maintaining their investment strategy and continually benefiting from interest, dividends and investment appreciation.
- Up to 90 percent financing available
- Any family member may pledge assets in lieu of down payment
- Available on second homes, investment properties and in conjunction with a cash-out refinance
- No mortgage insurance required as long as pledge brings effective LTV to 80 percent or less
- Eligible accounts include stocks, bonds, mutual funds, CDs, money market, savings and more. Retirement accounts are not eligible
- Trading is allowed in the pledged account
We broker jumbo home loans for the Central Coast and throughout the entire state of California. Among others, we supply jumbo mortgages for:
San Luis Obispo County:
Arroyo Grande, Atascadero, Avila Beach, Cambria, Cayucos, Creston, Grover Beach, Los Osos, Morro Bay, Nipomo,Oceano, Paso Robles, Pismo Beach, San Luis Obispo, San Miguel, San Simeon, Santa Margarita, Shandon, Templeton, and surrounding cities.
Santa Barbara County:
Buellton, Carpinteria, Goleta, Guadalupe, Hollister Ranch, Isla Vista, Lompoc, Los Alamos, Los Olivos, Mission Hills,Montecito, Orcutt, Santa Barbara, Santa Maria, Santa Ynez, Solvang, and surrounding cities.
Bakersfield, Delano, Arvin, California City, McFarland, Ridgecrest, Maricopa, Taft, Oildale, Lamont, Rosamond,Rosedale, Greenfield, Lost Hills, and surrounding cities.
Carmel, Del Rey Oaks, Gonzales, Greenfield, King City, Marina, Monterey, Pacific Grove, Salinas, Sand City, Seaside, Soledad, and surrounding cities.