Jumbo Loans · My Mortgage Company
Jumbo Loans in Bakersfield, CA
Financing above the $766,550 conforming limit for higher-priced homes. Strong credit and reserves can unlock competitive rates even on larger loan amounts.
Jumbo Loan Advantages
Why Choose a Jumbo Loan?
Finance Higher-Priced Homes
Borrow above the $766,550 conforming limit to purchase the home you want without being constrained by Fannie Mae/Freddie Mac limits.
Competitive Rates
Jumbo rates have historically been close to — and sometimes lower than — conforming rates for well-qualified borrowers with strong credit profiles.
No Mortgage Insurance
With 20% or more down, jumbo loans carry no PMI or mortgage insurance — keeping your monthly payment lower despite the higher loan amount.
Flexible Structures
30-year fixed, 15-year fixed, and ARM options available. Some programs allow interest-only payments for qualified investors.
Eligibility
Jumbo Loan Requirements
Jumbo loans carry stricter qualification standards than conforming loans because lenders hold them on their own balance sheets. Strong credit, reserves, and documentation are key.
- Minimum 700 credit score (720+ preferred for best rates)
- Down payment: typically 10–20% depending on loan amount and program
- Maximum debt-to-income ratio (DTI): 43–45% (stricter than conforming)
- 6–12 months of PITI reserves required (liquid assets)
- Full income documentation required (W-2s, tax returns, bank statements)
- Appraisal requirements may include two independent appraisals above certain amounts
- Property must be primary residence, second home, or investment property (program-dependent)
Common Questions
Jumbo Loan FAQ
What is a jumbo loan and when do I need one?
A jumbo loan is any mortgage that exceeds the conforming loan limit set by the Federal Housing Finance Agency (FHFA). For 2024, that limit is $766,550 in most California counties. If the property you want to purchase requires a loan above this amount, you will need a jumbo mortgage. Jumbo loans are not purchased by Fannie Mae or Freddie Mac, so lenders set their own guidelines.
Are jumbo loan rates higher than conventional rates?
Historically, jumbo rates ran 0.25–0.5% higher than conforming rates. In recent years, the gap has narrowed significantly — jumbo rates for well-qualified borrowers (700+ credit, 20% down) are often within a few basis points of conforming rates, and occasionally lower. Your rate will depend heavily on your credit profile, down payment, and cash reserves.
How much do I need for a down payment on a jumbo loan?
Most jumbo programs require at least 10% down, with better rates and terms at 20% down. Some programs allow as little as 5% down with strong credit (720+) and significant reserves, but these are less common. Investment property jumbo loans typically require 25–30% down.
Can I get a jumbo loan if I am self-employed?
Yes, though documentation requirements are more stringent. Most jumbo programs require two years of tax returns for self-employed borrowers and use the net income after business deductions. If your tax returns show low net income, a bank statement jumbo program (using 12–24 months of deposits) may be a better fit. We can compare both options for you.
Ready to Finance Your Next Home?
Omar will review your profile and identify the best jumbo program for your credit, income, and property goals.
My Mortgage Company, Inc. · CA DRE #02168831 · NMLS #2269164 · Broker: Omar L. Ortiz, NMLS #951384, DRE #02056548. Loans subject to credit approval. Conforming loan limits are set annually by FHFA. Not all applicants qualify. All figures, rates, fee ranges, and examples shown on this page are for informational purposes only and are not a guarantee of rates, fees, loan terms, or qualification. This is not a commitment to lend.