Jumbo Loans in the San Diego Real Estate Market
From our lender at PNC Mortgage, Bill Reiter:
It is much more difficult to qualify for a mortgage, especially a jumbo mortgage, than it was from 2000-2008. In San Diego County, any mortgage over $546,250 is considered a jumbo mortgage. The good news is that for those with strong financial positions who can qualify, there are fantastic deals available in the jumbo mortgage market.
For borrowers with good income, purchase loans up to $2.5M require only a 20% down payment, and in some cases the down payment can be even lower. Couple this with the fact that mortgage rates still remain near historic lows (mid 4% range for a 30-Yr Fixed Rate mortgage with no points; even lower rates for ARM mortgages), and the result is that home purchases involving jumbo mortgages are still very affordable compared to 2005-2007.
Contact Bill at PNC Mortgage if you want more specifics as to what you qualify for!