California High Balance & Super Jumbo Loans for Luxury Properties $766,550+

A jumbo loan is a mortgage that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA). Because these loans are too large to be purchased by Fannie Mae or Freddie Mac, lenders take on more risk and typically require stronger borrower qualifications. In 2026, any loan above $832,750 in most areas (or $1,249,125 in high-cost California counties like Los Angeles, Orange, and San Francisco) is considered a jumbo loan. These mortgages are commonly used for luxury homes, properties in expensive real estate markets, or when buyers want to finance a larger portion of a high-value purchase. Since jumbo loans fall outside government-sponsored enterprise guidelines, each lender sets their own requirements for credit scores, down payments, and reserves. This means shopping around is important because terms can vary significantly between lenders.

In California, jumbo loan limits start where conforming loan limits end. For 2026, the baseline conforming limit is $832,750 for single-unit properties in most U.S. counties. However, California has many designated high-cost areas where the conforming limit reaches $1,249,125. This means in counties like Los Angeles, Orange, San Diego, Santa Clara, and San Francisco, you would need a jumbo loan only when borrowing above $1,249,125. Loans between the baseline ($832,750) and high-cost ceiling ($1,249,125) are called high-balance or super conforming loans, which often have better rates than true jumbo loans. The FHFA updates these limits annually based on home price changes, so they typically increase each year as housing values rise. For multi-unit properties (duplexes, triplexes, fourplexes), the limits are proportionally higher.

Most lenders require a down payment of 10% to 20% for jumbo loans, though requirements vary significantly. The standard expectation is 20% down, which helps borrowers avoid private mortgage insurance and demonstrates significant financial commitment. However, some lenders now offer jumbo loans with down payments as low as 10%, and in certain cases, highly qualified borrowers may access programs requiring only 5% to 10% down. The trade-off with lower down payments typically involves stricter requirements elsewhere, such as higher credit scores (often 740 or above), lower debt-to-income ratios, or larger cash reserves. Your down payment funds should come from documented sources like personal savings, investment accounts, or the sale of other assets. Gift funds may be allowed but often with more restrictions than conventional loans. Since lenders set their own jumbo guidelines, comparing multiple offers is important to find the best combination of down payment and terms for your situation.

Jumbo loans typically require a minimum credit score of 700 to 720, though some lenders set the bar at 740 for their best rates and terms. This is notably higher than conventional loans (which often accept 620) or FHA loans (which go as low as 580). The higher threshold exists because lenders take on more risk with these larger loan amounts since they cannot sell them to Fannie Mae or Freddie Mac. Beyond the score itself, lenders examine your full credit history, looking for consistent payment patterns, low credit utilization, and no recent negative marks like late payments, collections, or bankruptcies. Having excellent credit not only improves your approval chances but directly affects your interest rate. Even a small rate difference matters significantly on jumbo loan amounts, where a 0.25% rate reduction could save tens of thousands over the loan term. If your score falls below requirements, consider working on credit improvement before applying.

Jumbo loan approval typically takes 30 to 45 days from application to closing, though the timeline can vary based on several factors. The initial pre-approval can often happen within hours or a single business day once you submit your documentation. Full underwriting approval, where your complete file is reviewed, usually takes 24 to 48 hours after all documents are submitted. The overall timeline tends to be slightly longer than conventional loans for a few reasons. First, the documentation requirements are more extensive. Second, jumbo loan appraisals often require more detailed analysis of comparable sales for high-value properties, sometimes necessitating multiple appraisers or additional review. Third, manual underwriting (rather than automated systems) is more common with jumbo loans, adding review time. You can help speed up the process by having your documentation organized upfront, responding quickly to lender requests, and choosing a lender experienced with jumbo financing. Some lenders specialize in jumbo loans and can close in as few as 25 to 30 days when borrowers are well-prepared.

Jumbo loans require more extensive documentation than standard mortgages because lenders take on greater risk with these larger amounts. Expect to provide two years of tax returns (all pages and schedules), recent W-2s or 1099s, and 60 to 90 days of bank statements for all accounts. Lenders will verify your employment directly and may require additional documentation if you are self-employed, such as profit and loss statements or business tax returns. You will need to document your assets thoroughly, including investment accounts, retirement funds, and any other holdings that demonstrate financial stability. Many lenders also require proof of cash reserves, typically showing 6 to 12 months of mortgage payments in liquid assets (some lenders require up to 18 to 24 months for very large loans). Unlike conforming loans that use automated underwriting, jumbo loans often undergo manual review where an underwriter examines every detail. This means even minor discrepancies in your paperwork could delay approval, so accuracy and completeness are important. Having all documentation organized before you apply can significantly streamline the process.