What are the requirements for getting a jumbo mortgage in a high-cost housing market?

Linda, highly suggest you speak to a lending professional. We are a group of realtors here. Yes, we know the basics, but a lender would be the expert in this field. Let me know if you need a recommendation. Best of luck with your home search! Keith Jean-Pierre Managing Principal The Dapper Agents Operations In: NY, NJ, FL & CA

You are absolutely right that jumbo loans come with tighter guidelines, but they are very common in expensive markets like the Bay Area and there are many lenders who work with relocating buyers every day. A jumbo loan simply means the loan amount is above the conforming limits, so the lender is taking on more risk and will look more closely at things like credit score, income stability, debt to income ratio, and cash reserves. In most cases, you do not need a massive down payment, but you should expect somewhere in the range of about 10 to 20 percent depending on your credit profile and overall financial strength. Many well qualified buyers are still getting competitive financing with solid credit and strong income documentation. The good news is you are not limited to just one type of lender. Large banks, credit unions, and mortgage brokers all actively compete for jumbo loans, and some even specialize in helping relocating buyers structure financing that works for high cost areas like the Bay Area. The key is getting pre approved early with a lender who understands jumbo lending so you know exactly what price range you are comfortable shopping in before you start making offers.