Jumbo Loans in California

I’m Michael DiVita (DRE #01372066 | NMLS #241655), owner of DiVita Home Finance (DRE #01818285 | NMLS #323700) in Tiburon, CA. I’ve been in California mortgage lending since 2000 and founded DiVita Home Finance in 2007. I’m known as a creative mortgage broker: when a bank says no, I find the lender and the loan structure that can say yes. As a broker, I can take a jumbo file to multiple wholesale lenders — which matters more on jumbo loans than anywhere else, because every lender writes its own rules. Call (800) 239-1103.

A jumbo loan in California is any mortgage above your county’s 2026 conforming limit — $832,750 in baseline counties, up to $1,249,125 in the highest-cost counties such as Los Angeles, Orange, San Francisco, Marin and Santa Clara. Jumbo lenders typically want 700–720+ credit, 10%–20% down (more on larger loans), debt-to-income around 43%, and 6–12 months or more of reserves. Jumbo rates were roughly even with conforming rates in September 2026, and full-doc, bank statement, asset-depletion, RSU, interest-only and investor jumbo options are all available.

Where Jumbo Starts in Each California County (2026)

County	Conforming limit (1 unit)	Jumbo above
Los Angeles, Orange, San Francisco, San Mateo, Santa Clara, Marin, Alameda, Contra Costa, Santa Cruz, San Benito	$1,249,125	$1,249,125
San Diego	$1,104,000	$1,104,000
Ventura	$1,035,000	$1,035,000
Napa	$1,017,750	$1,017,750
San Luis Obispo	$1,000,500	$1,000,500
Monterey	$994,750	$994,750
Santa Barbara	$941,850	$941,850
Sonoma	$897,000	$897,000
Sacramento, Riverside, San Bernardino, Fresno, Kern and other baseline counties	$832,750	$832,750

Loans between $832,751 and your county limit are “high-balance conforming”: still Fannie Mae/Freddie Mac loans, with at least 5% down. Above the limit, the loan can’t be sold to Fannie Mae or Freddie Mac, so the lender sets its own guidelines and either keeps the loan in its portfolio or sells it to a private investor. Full list: 2026 conforming loan limits.

Typical Jumbo Requirements

Requirement	Typical range	Notes
Down payment	10%–20% up to about $2M; 20%–30% above	Some programs go lower for top-tier borrowers; investment property usually 25%+
Credit score	700–720 minimum	740–760+ for the best pricing and highest loan-to-value
Debt-to-income	Around 43%	Some lenders go higher with strong reserves; some cap lower on very large loans
Reserves	6–12 months of housing payments	12–24 months on larger loans; retirement assets often counted at a discount
Income	Two years’ documentation is standard	RSU, bonus and self-employed income each have lender-specific rules
Appraisal	One full appraisal	Many lenders require a second appraisal above a loan-size threshold (often around $2M)

These are common ranges across lenders, not fixed rules. The best jumbo lender for a W-2 buyer with 10% down is often not the best lender for a self-employed buyer with 30% down.

Jumbo Loan Options

Full-documentation jumbo

W-2s, pay stubs and tax returns; the best pricing for well-documented borrowers. Fixed-rate and ARM options, typically into the multi-million-dollar range.

RSU and equity-compensation jumbo

For tech employees whose pay is largely RSUs. Lenders look at vesting history, the forward vesting schedule and the stock’s value, and each applies its own rules. See RSU mortgages and our $2.15M jumbo case study.

Bank statement jumbo (self-employed)

Qualify with 12–24 months of personal or business bank statements instead of tax returns. Typically needs a larger down payment and carries a higher rate than full-doc jumbo. See bank statement loans.

Asset-depletion jumbo

For retirees, founders after a liquidity event and investors: qualifying income is calculated from liquid assets rather than employment. See asset-depletion mortgages.

Interest-only jumbo

Interest-only for an initial period (often 5–10 years), then amortizing. On a $2 million loan at 7.125%, interest-only is $11,875 a month versus about $13,475 fully amortizing. Interest-only loans can’t be Qualified Mortgages, so they come from non-QM or portfolio programs. See interest-only mortgages.

Investor and DSCR jumbo

Investment properties above the conforming limit can be financed on personal income or with a DSCR loan qualified on the property’s rent, usually with 25% or more down.

Jumbo ARMs and buydowns

7- and 10-year ARMs often price below the 30-year fixed, and seller-funded temporary buydowns or permanent points are available on many jumbo programs. See ARM vs. fixed and buydowns.

Jumbo Rates in 2026

Jumbo rates don’t carry the big premium many buyers expect. In the Mortgage Bankers Association’s survey for the week ending September 18, 2026, the average 30-year fixed was 7.12% for conforming balances and 7.15% for balances above $832,750. Your jumbo rate depends mostly on credit, loan-to-value, loan size, documentation type and the lender, and pricing can differ noticeably between lenders on the same day. On a $1.5 million loan, each 0.25% of rate is about $250 a month. Current conditions: California mortgage rates.

Jumbo or Conforming? Structuring Around the Limit

• Increase the down payment so the loan lands at your county limit — on a $1.4 million purchase in a $1,249,125 county, that’s $150,875 down.
• Piggyback (80-10-10). A conforming first mortgage plus a second loan can avoid jumbo guidelines and PMI; compare the blended rate.
• Choose jumbo deliberately when it’s better: 20% down with no mortgage insurance, RSU-friendly underwriting, interest-only, or a non-warrantable condo.

Side-by-side comparison: jumbo vs. conforming.

Jumbo Markets Around California

• Marin County ($1,249,125 limit): Redfin put Marin’s median sale price at about $1.5 million in August 2026, with single-family medians ranging from about $1.37 million in Novato to $3.4 million or more in Tiburon and Kentfield. See Marin jumbo loans.
• San Francisco ($1,249,125): condos often fit conforming limits; most single-family homes need jumbo financing. See San Francisco mortgages.
• Silicon Valley and the Peninsula (Santa Clara and San Mateo, $1,249,125): heavy RSU and bonus income makes lender selection critical.
• East Bay (Alameda and Contra Costa, $1,249,125): Lamorinda, Danville and Piedmont purchases are frequently jumbo.
• Los Angeles and Orange County ($1,249,125): coastal and Westside markets are largely jumbo, with many self-employed and entertainment-industry borrowers using bank statement or asset-based programs.
• San Diego ($1,104,000): jumbo starts lower than in LA or the Bay Area.
• Wine Country and the Coachella Valley: Napa ($1,017,750) and Sonoma ($897,000) limits are below the ceiling, and luxury desert homes in Riverside County ($832,750) cross into jumbo quickly. See Coachella Valley mortgages.

Refinancing a Jumbo Loan

Jumbo refinances follow the same lender-by-lender rules. Rate-and-term refinances usually need about 20% equity or more; cash-out refinances often cap around 70%–80% loan-to-value with higher reserve requirements. If you have a low first-mortgage rate and only need part of your equity, a second lien usually makes more sense than refinancing the whole loan — I offer HELOCs up to 95% combined loan-to-value and home equity loans up to $1 million. See HELOC vs. cash-out refinance.

When the Bank Says No

Banks decline jumbo files every day for reasons that another lender will accept: income from RSUs or a new business, a recent job change, high but well-reserved debt ratios, a non-warrantable condo, or assets instead of income. That’s the part of the market I like. See non-QM mortgages and complex borrowers.

A Recent Jumbo File

A self-employed buyer, no tax returns, a fully gifted down payment and crypto in his reserves. I stacked bank statement income, W-2 income and asset depletion on one non-QM jumbo: a 40-year fixed with 10 years interest-only for an easier qualifying payment. He’s pre-approved for $1,750,000 with 20% down. See the full file.

Frequently Asked Questions

What is the jumbo loan limit in California in 2026?

Jumbo starts above your county’s conforming limit: $1,249,125 in Los Angeles, Orange, San Francisco, San Mateo, Santa Clara, Marin, Alameda, Contra Costa, Santa Cruz and San Benito; $1,104,000 in San Diego; $897,000 in Sonoma; and $832,750 in baseline counties such as Sacramento and Riverside.

What credit score do I need for a jumbo loan?

Most jumbo lenders require 700–720 minimum, with the best pricing and lowest down payment options at 740–760+.

Can I get a jumbo loan with 10% down?

Yes, on loan amounts up to roughly $2 million with strong credit and reserves. Larger loans typically need 20%–30% down.

Are jumbo rates higher than conforming rates?

Not necessarily. In the MBA’s survey for the week ending September 18, 2026, 30-year fixed rates averaged 7.12% on conforming balances and 7.15% on larger balances. Rates vary more by lender and borrower profile than by loan category.

Can self-employed borrowers get jumbo loans?

Yes, with two years of tax returns or through bank statement or asset-depletion jumbo programs, which usually require a larger down payment and carry higher rates.

How many months of reserves do jumbo lenders require?

Commonly 6–12 months of housing payments for loans up to about $2 million and 12–24 months for larger loans, after the down payment and closing costs.

---