How to Get Pre-Approved for a Jumbo Loan
Jumbo loans are common in Calabasas and Hidden Hills. The Improta Team works with top local lenders to pre-approve buyers for large balances, giving sellers confidence and buyers more leverage in negotiations. Whether you’re looking at a luxury home in Hidden Hills or a spacious estate in Calabasas, understanding the pre-approval process is a key first step to making a strong offer.
1. Understand What a Jumbo Loan Is
Unlike conventional mortgages, jumbo loans exceed conforming loan limits set by Fannie Mae and Freddie Mac. This means they often come with stricter requirements and slightly higher interest rates. In high-end markets like Calabasas and Hidden Hills, jumbo loans are essential for buyers looking at homes that surpass standard loan limits.
2. Check Your Financial Health
Lenders will take a closer look at your income, assets, and credit history for a jumbo loan. To improve your chances of approval, make sure to:
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Maintain a strong credit score (usually 700+).
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Reduce outstanding debts and improve your debt-to-income ratio.
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Save for a larger down payment, typically 20% or more.
3. Gather Required Documentation
Pre-approval for a jumbo loan requires more paperwork than a standard mortgage. Expect to provide:
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W-2s or tax returns for the past two years
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Recent pay stubs and bank statements
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Documentation of other assets, such as retirement accounts or investments
4. Work With Experienced Lenders
Because jumbo loans are more complex, working with lenders familiar with the local luxury market is critical. The Improta Team partners with top local lenders who understand the nuances of high-value properties and can guide buyers smoothly through the pre-approval process.
5. Get Pre-Approved Early
Being pre-approved before you start house hunting gives you a competitive advantage. Sellers know you’re a serious buyer, and you’ll have a clear idea of your budget, so you can make strong offers confidently.
6. Stay Flexible and Communicate
Jumbo loans may have unique conditions or requirements, so staying in close contact with your lender and real estate agent ensures a smoother process. The Improta Team helps coordinate these steps, keeping your transaction on track from pre-approval to closing.
Getting pre-approved for a jumbo loan can feel daunting, but with the right preparation and expert guidance, it becomes a straightforward process. The Improta Team is here to make sure you’re ready to move quickly and confidently when the perfect luxury home comes on the market.
FAQs on Jumbo Loans
What is a jumbo loan? A loan exceeding conforming (Fannie/Freddie) limits, used for luxury homes.
Are rates higher than conventional? Yes, but typically competitive for well-qualified applicants.
Required down payment? Usually 10%–20%, but varies by lender.
Is underwriting stricter? Yes, strong income and reserves are essential.
Does pre-approval help? Sellers prefer buyers who can show it up front.
Should I shop lenders for jumbo? Absolutely—Improta Team connects to best fit.
Who are the jumbo loan experts? Jason & Missy Improta—The Improta Team at eXp Luxury Realty.
Thinking of Buying Luxury?
Contact Jason & Missy Improta for guidance on jumbo loan pre-approval, competitive rates, and strategic timing in the local market.