Jumbo Loans

The term “jumbo loan” is a catch-all phrase for properties that exceed the price ceiling of Freddie Mac and Fannie Mae guarantees and so are exempt from conventional financing programs.

We offer a jumbo loan product to meet every need, including flexible qualification terms (asset depletion, pledged assets), property types (unique builds, investments, hobby farms, etc.), and loan sizes (over $5 million). Our creative approach to every loan allows us to find solutions that our competitors do not offer.

  • Down payment: as low as 10%
  • Credit score: as low as 660
  • Debt-to-income ratio: as high as 50%
  • Gift payments: allowed; gifts, grants, and seller concessions
  • Rate and Term: fixed and adjustable rate options
  • Ceiling: $10,000,000
  • Occupancy: primary, secondary, and investment eligible
  • Mortgage insurance: no

Notes and Special Offers

90% loan-to-value with NO mortgage insurance up $1.5 million.
~ Allows borrowers to keep their assets deployed and working for them rather than liquidating to meet large down payment requirements.

Asset depletion for income qualification.
~ Allows borrowers to use liquid assets as collateral for income to assist in meeting debt-to-income ration requirements.
~Good for complex income scenarios: self-employed, retired, divorce situations, trust income recipients, corporate buyouts, and more.

Use of business funds for down payment and closing costs is acceptable.
~ The line is often blurred between personal and business assets. We understand that and make the mortgage financing process easier.

Cash out available up to $2.5 million (50% loan-to-value).
~ Access the home equity you’ve worked hard to build.

Hobby farm, farm, and ranch properties eligible.
~ Whether you are boarding horses, harvesting avocados, or maintaining 900 acres of grapes, we offer the financing solution you need.

New Listing! 2 Bedroom 2 Bath in Santa Maria

Santa Maria cutie close to schools and shopping! Three bedroom home features the owner’s suite on the main floor along with another bedroom and bath…Upstairs you’ll find an oversized bedroom. The brick fireplace is framed by two large sliding glass doors that open to the newer outdoor patio – great for entertaining. The kitchen offers updated features, too. Seller will install new roof prior to the close.
Wendy Teixeira 805.310.3505

New Listing! 3 Bedroom 2 Bath in AG

Top of the hill, next to club house and pool. The double wide Skyline Sunset Ridge K517H has large home features. All rooms feature good sized closets, large luxury master bedroom suite and unique integrated covered porch that adds functionality and residential elevation. The K517 is a popular choice for California residents. Upgraded stainless steel appliances built-in microwave, dishwasher, side by side refrigerator. Stove/oven combo, they also both have 9 ft. Flat ceilings with coffered ceilings in the living room and dining room. Loaded with options such as ceiling fans, can lights, etc.
Sal Orlando 805.235.9770

September MLS Statistics – SLO County

The good news:
– Inventory in SLO County decreased for the first time in months.
– The percentage of distressed homes decreased in August to 37% from 40% in July.

The not so good news:
– Inventory is still high.
– 37% of homes sold were distressed.
– August was a slow month. The number of homes sold per month continues to decrease.

Some graphs. All SLO County sold homes.

This graph is the total number of homes sold for each category; REO (bank/owned, Short Sale, and None (non-distressed).

This graph shows the mix of REO, Short Sale, and non-distressed homes sold. You can see that the foreclosure piece has decreased a bit from last month but REOs are at the same percentage.

This shows the residential inventory for SLO County with a decrease from Aug 1 to Sept 1.

I included the following graph to show the number of total home sales (distressed and non-distressed).

New Paso Robles Business – Siegel’s Jewelry & Loan

Please help me welcome a new business to our community!

Siegel’s Jewelry & Loan
739 12th St, Paso Robles, CA 93446
Hours: Mon – Thurs 11 – 6pm Fri 11 – 8pm Sat 11 -5pm Closed Sunday

I asked Ken Siegel why he chose Paso Robles to open his business and to tell me a bit of what they offer.  Here’s his reply.

“Mainly a result of our cousin in Phoenix that said that Paso Robles is his favorite city and you have to visit. So while we were in Avila Beach on our 25th Anniversary getaway we decided to spend a day in Paso Robles.  Prior to our trip to Avila Beach I came across some beautiful jewelry showcases and safes at a recently closed jeweler in Menlo Park. At first the thought was to use the showcases for our store in Cedar Rapids, Iowa, but the cost was prohibitive. We saw the corner spot for rent while having a wonderful lunch at Estrella. During the next two days after talking with the building department, Captain of the police, store owners, and the chamber we made the deal to open our second location. We have had a very favorable response to many of the services and products that we carry.  The unique blend of Designer, Estate, Vintage Jewelry along with a large selection of beautiful contemporary and traditional Bridal Rings and loose diamonds at savings of 50-70% off the new retail price. Along with expert Jewelry Repair and Insurance Appraisals that will be 30-50% less than most in the area, we can provide quick and expert watch battery installation and band sizing.  Our custom design and bridal center will make any dream come true and at price that’ll put a smile on your face. Other services and options include : Buying, Trading, or consigning all of your gold, diamond jewelry, scrap gold, watches, sterling coins and flatware and other collectibles that may desire another home. We also can provide the added service of helping out people that need short term collateral loans.  As a fully license pawnbroker, we can provide loans from $10 to $100,000 on your valuables?”

Sounds good to me!  We wish Ken and his family success at his new Paso Robles store!!  Make sure to stop by and welcome Ken to the area.


CCL Market Update

Mortgage Applications

Purchase applications for home mortgages fell a seasonally adjusted 6 percent in the week of November 11th, as mortgage rates sharp increases took a toll on application activity. The rise in rates had an even greater impact on refinancing where applications fell by 11 percent from the week prior. The weekly decline put the Purchase Index just 3 percent above the level a year ago, down 8 percentage points from the week prior.

Housing Market Index

The housing market index remained unchanged this month at a level of 63, far above the neutral level of 50. Current sales and future sales are at 69, but are being offset by lack of traffic which is only at a level of 47 and reflects cyclical lack of interest from first time buyers.  The West continues to lead the data at 76 while the Northeast trials at 47. Though mortgage rates are jumping they are not holding down optimism in the housing sector.

Consumer Price Index

Energy spike in October and housing costs continue to show lift, but other than that there are few factors of building pressure in the consumer price report. The headline CPI did rise a significant looking 0.4 percent in the month but reflects a 3.5 percent jump in energy and a 0.4 percent rise in housing. The core, which excludes both energy as well as food, inched only 0.1 percent higher with the closely watched yearly rate dipping 1 tenth to 2.1 percent.  Food costs were unchanged in the month and medical care which has previously been showing pressure was also unchanged.

Housing Starts

Housing starts surged 25.5 percent in October to a 1.323 million annualized rate. This is the best rate of the cycle, since August 2007 with the monthly percentage gain the strongest since 1982. The jump reflects a 10.7 percent rise to an 869,000 rate for the report’s key component, single family homes, following an 8.4 percent surge in September. And multi-family homes snapped back from September’s 39 percent decline, rising 69 percent in October to 454,000. There is less strength in permits which did rise 0.3 percent to a 1.229 million rate. Single family permits are up 2.7 percent in the data to offset a 3.3 percent dip for multi-family homes.

Jobless Claims

Initial claims were down 19,000 in the week of November 12th to a far lower than expected rate of 235,000. The week of November 12th was also the sample week for the monthly employment report and a comparison with the October sample week shows a very substantial 26,000 decrease in the headline level but a small increase in the 4-week average; the 4-week average at 253,500 for the latest reading vs. 252,000 in the October sample week. Continuing claims, in the lagging data for the week of November 5th are also substantially lower. Continuing claims are down 66,000 and below 20 million at 1.977 million. Readings throughout this report are at or near historic lows, indicating that employers are holding tightly to their employees.

Mortgage Rates

Mortgage rates this week had their worst week in more than 3 years. A Republican victory for the presidency was supposed to usher in better mortgage rates; however, the opposite has happened. This week, Freddie Mac’s weekly survey of over 100 mortgage lenders revealed rates were way higher after the historic election cycle. The conventional 30-year fixed rate mortgage increased by 37 basis points from last week’s reading of 3.57% to a nationwide average of 3.94%. This marks the 17th worst week in history for rates with data going all the way back to 1971. It is also the biggest single week jump since June of 2013, when the Federal Reserve announced it would slow its purchases of mortgage backed securities. Lower demand on these bonds caused rates to spike.

Mortgage Rates Rise on Quiet Week (+ USDA Fees set to increase)

Last week was quiet for economic news. Retail sales came in better than expected, though they weren’t particularly awe-inducing. Consumers spent 0.6% more in August than in July, which suggests that the disappointing employment report (as discussed last week) may indeed be a simple aberration.

Mortgage applications dipped during the holiday-shortened Labor Day week. Led by an 11% decline in refinance applications, the MBA measure of mortgage activity is now at the lowest level since the year 2000. Applications for home purchases fell 3.0%.

Any questions about home loans in California? We are The Mortgage Experts: ask us anything! Call 805.543.LOAN or email us today.

The Federal Reserve’s stimulus activity (quantitative easing) helped mortgage rates find the lowest rates on record in 2012, which set off a refinance boom. As the market normalizes, we expected to see the dip in refinance, because many current owners already refinanced to a lower rate

There are more reasons to refinance beyond “lower rate, lower monthly payment”, including eliminating (or reducing) mortgage insurance, and taking cash out to consolidate debt and make home improvements.

This coming week will be a busier one. The Federal Open Market Committee (FOMC) meets, and will release its quarterly projection of economic activity for the year. We expect to see the continuation of “tapering” (reduction of QE) and modest expectations for future growth. Data releases include consumer price index, jobless claims, housing starts, and industrial production.


Mortgage Rates Inch Higher

Mortgage rates inched higher last week. These days “no big news” tends to mean “slightly higher rates.” Recent volatility abroad has helped push rates down to an 18 month low, but a quiet week tends to release some of that downward pressure.

Below, we have included a graph with data from Freddie Mac’s weekly national mortgage rate survey.



USDA Mortgage Insurance Fee Set to Rise

The monthly mortgage insurance fee for the USDA loan will increase from 0.4% to 0.5% for home loans completed on and after October 1, 2014.

For a $400,000 home purchase, the fee bump would move the monthly mortgage insurance payment from $133.33 to $166.67.

Buyers who are in the process of completing a USDA loan will need a Conditional Approval from the Rural Development office by September 30, or will be be required to accept the additional fee… READ MORE


Central Coast Lending is a California mortgage broker and direct lender based on the Central Coast of California in San Luis Obispo County. Call us today at 805.543.LOAN or email us here to set up a free pre qualification. We are The Mortgage Experts: ask us anything!

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New Listing! 3 Bedroom 2 Baths

This 3 Bedroom 2 Bath home features large living room with adjacent dining area. Expanded Kitchen area with ample room for storage. Desirable split floor plan with large Bedrooms. Huge back yard and nice patio area for entertaining. RV parking with swinging gate entry to back yard. Great location for schools, shopping, Hospital and 101 Freeway access.
Shea Hutchinson 805.260.6322