Riverside residents looking for a larger mortgage may find the perfect solution in a Jumbo home loan. In this article, we will unlock some of the jumbo loan benefits and discuss the basic qualifying criteria needed for loan approval.
Conforming loan limits in Riverside County are limited to $806,500 in 2025, so any loan exceeding this amount falls into the Jumbo mortgage category. Considering the median home price in Riverside is around $650,000, it doesn’t take much to exceed the conforming loan limit and require a Jumbo loan.
Note: The standard Fannie Mae conforming loan limits can be much greater ($1,209,750) in more high-cost counties in California like LA, or Orange County.
Jumbo loans can be used for the purchase or refinance of a home with loan amounts over $5 million. Jumbo loans also offer competitive terms, such as fixed-rate or adjustable-rate options. * Note, interest-only (IO) options are currently not available. Many existing homeowners find the jumbo cash-out refinance helpful to consolidate higher-interest debt into one payment and have access to cash.
Jumbo mortgages are available for all kinds of properties—including primary residences, second homes, and investment rental purchases. Additionally, jumbo mortgages can be used for new construction and renovation projects.
Applying for a jumbo loan is similar to applying for any other type of mortgage, with the main difference being that you will need to provide more detailed financial information. A jumbo loan may also require greater payment reserves depending on the borrower’s qualifications, etc.
Jumbo mortgages also have specific eligibility requirements. Typically, lenders require higher credit scores and larger down payments than standard conventional mortgages. However, new low down payment options of 10% and 5% have emerged in recent years. The credit score and loan limits greatly depend on your down payment, so it’s important to speak to us in detail about your need, as well as any other criteria that may be required. Please find all the basic requirements on the home page.
Riverside Jumbo Loans Highlights Include:
– Larger loan amounts to accommodate higher real estate prices in California
– No private mortgage insurance (PMI) even with a down payment of less than 20%.
– Flexible repayment terms – assorted fixed rate and ARM
– Low 5% down payment options with 680 credit
– Lower credit scores down to 600 permitted with a greater down payment of 20%+
– First-time home buyers are eligible
– Interest rates comparable to conventional loans.
A jumbo piggyback home loan is a type of mortgage that allows homeowners to borrow more than 80% of their home’s value. With this type of mortgage, you can borrow up to 95% of the purchase price of the home. This loan can be used to purchase homes that are higher priced and beyond conforming loan limits.
One example of a jumbo piggyback loan is an 80/15/5 arrangement. This means you borrow 80% of the home’s value as your first mortgage, and 15% as your second mortgage, which is normally a fixed second mortgage or HELOC. The final 5% is the down payment funds from the borrower.
The main benefit of this loan structure is avoiding private mortgage insurance and getting a lower interest rate on your first mortgage. PMI alone can add hundreds of dollars to your monthly payment, so avoiding it is always good. Similar 80/10/10 arrangements are often done for buyers financing 90% and putting down 10%.
We understand that borrowers have unique needs and financial situations—so our team will review your individual case to find the perfect solution for you. We are available to assist you 7 days a week, just call the number above or submit the Quick Contact Form on this page.
