Eyeing a Burbank home that sits above the usual loan amounts? You’re not alone. In Los Angeles County’s high-cost market, many buyers use jumbo financing to purchase standout homes and condos. In this guide, you’ll learn what counts as a jumbo loan, how it differs from a conforming loan, what lenders look for, and how to plan your timeline in Burbank. Let’s dive in.

Jumbo loans at a glance

A jumbo mortgage is any loan amount above the conforming loan limit set by the Federal Housing Finance Agency (FHFA). Conforming loans can be bought by Fannie Mae or Freddie Mac. Jumbo loans cannot, so lenders keep them on their books or sell them to private investors. That means lenders set their own rules, pricing, and documentation.

2024 loan limits in LA County

For 2024, the FHFA’s baseline one-unit limit is $766,550, and high-cost areas like Los Angeles County have a one-unit ceiling of $1,149,825. Loans above that ceiling are typically jumbo in LA County. You can verify the latest limits on FHFA’s conforming loan limits page, which updates each year.

Why this matters in Burbank

Burbank’s mix of single-family homes and higher-end condos often pushes purchase prices above the high-cost ceiling. If you want to keep your down payment flexible or you’re shopping in a premium micro-market, jumbo financing is common. Your loan size affects available products, documentation, pricing, and timelines.

What this means for Burbank buyers

In a market with competitive listings and character homes, jumbo loans can help you secure the right property without overcommitting cash. At the same time, they usually ask more of you as a borrower. Expect stricter documentation, a closer look at assets and income patterns, and a slightly longer escrow compared to a standard conforming loan.

How to qualify for a jumbo

Core qualification factors

While every lender sets its own rules, these benchmarks are common for jumbo approvals:

• Credit score: Many lenders look for 700–740+ for best pricing. Some accept lower with stronger reserves and higher pricing.
• Debt-to-income (DTI): Often capped in the mid-40% to 50% range, depending on the full profile and compensating factors.
• Loan-to-value (LTV) and down payment: Best pricing often appears at 80% LTV or lower. You’ll commonly see 10–20% down. Some programs allow higher LTV with stricter terms.
• Reserves: Plan on 6–12 months of PITI in liquid or semi-liquid reserves. Higher LTV or complex income may require more.
• Mortgage insurance: Private mortgage insurance is less common on jumbo loans. Lenders instead manage risk through down payment, pricing, and reserves.

Documentation checklist

Every file is unique, but this simple checklist will help you gather what most jumbo lenders request. Start organizing these items before you make an offer.

• Identity and credit

  • Government-issued ID and Social Security number
  • Credit report authorization and letters explaining any large deposits, inquiries, or late payments

• Income verification

  • Salaried/W-2:
    • Last 30 days of pay stubs
    • Last 2 years of W-2s
    • Employer contact for verification
  • Self-employed/1099/entertainment professionals:
    • Last 2 years of signed personal tax returns (Form 1040, including all schedules)
    • Business returns if applicable (partnerships, S-corps, K-1s)
    • Year-to-date profit and loss, if requested
    • For entertainment pros: contracts, booking schedules, union residuals statements (SAG-AFTRA, AFM, DGA, etc.), agent or management statements, and royalty documentation
  • Alternative documentation programs (varies by lender):
    • Bank statements for 12–24 months
    • Asset-depletion worksheets and supporting statements

• Assets and funds to close

  • Last 2–3 months of bank statements for checking/savings
  • Retirement and investment account statements
  • Paper trail for your down payment source (sale proceeds, gift letter if allowed)

• Property documentation

  • Full appraisal access and scheduling
  • HOA documents and financials for condos/townhomes
  • Notes or permits related to any additions or improvements

Tip: Organize your files in clearly labeled PDFs. That simple step often speeds up underwriting and reduces back-and-forth requests.

Financing options you may see

Because jumbo loans are not governed by Fannie Mae or Freddie Mac, lenders offer a wider mix of products. Here are common paths Burbank buyers explore:

• Conforming loans: Up to the FHFA limit. Standardized underwriting, lower down payments, and available PMI when LTV is above 80%.
• Jumbo conventional: Fixed-rate or ARM options underwritten by lenders or their investors.
• Portfolio loans: Kept on the lender’s books. Often more flexible but may have higher rates or fees.
• Non-QM and alternative documentation: Bank-statement and asset-based programs for self-employed or irregular income profiles. Usually higher pricing and specific documentation rules.
• Piggyback structures: 80/10/10 or 80/15/5 combinations using a second mortgage or HELOC to reduce the first-lien size or avoid PMI. Availability and appetite vary by lender.
• HELOCs and home equity loans: Sometimes used for down payment planning or as a bridge, though limits for purchases vary by lender.

Pricing, underwriting, and appraisals

Historically, jumbo rates have been slightly higher than conforming rates. The actual spread changes with market conditions. Your pricing depends on credit score, LTV, reserves, property type, occupancy, and income complexity. Strong credit and healthy reserves can narrow the gap.

Jumbo loans often involve more manual underwriting and more detailed documentation. Appraisals are almost always full-scope, and some lenders request a second appraisal on high-value or unique properties. For condos and planned communities, lenders set their own project standards. They may review HOA reserves, litigation, commercial space in the building, and owner-occupancy levels.

If you are buying a Burbank condo, get HOA documents, budgets, and any litigation disclosures early. That allows your lender to flag potential issues before you are deep into escrow.

Timelines and closing in LA County

Expect a bit more time for a jumbo purchase compared to a straightforward conforming file. Typical timelines in LA County:

• Conforming purchase: about 30–45 days
• Jumbo purchase: about 30–60 days, longer if income is complex, a second appraisal is required, or the HOA review is detailed

Factors that can extend timelines include non-standard income verification, extensive asset sourcing, multiple appraisals, HOA or condo project reviews, and title or permitting questions. You will also receive required federal disclosures during your loan process. To understand the Loan Estimate and Closing Disclosure, the CFPB’s mortgage resources offer plain-language explanations.

California oversight adds another layer of consumer protection. Mortgage lenders and brokers operating here are regulated by the California Department of Financial Protection and Innovation (DFPI).

Burbank-specific watchouts

• Property mix: Burbank has a range of single-family homes, townhomes, and condos. For condos, be ready for detailed HOA reviews. For small multi-unit properties, investor rules and rental income analysis may apply.
• Unpermitted work: Older homes sometimes have improvements without final permits. Appraisers and title teams flag these items, which can affect valuation and underwriting.
• Entertainment income planning: Many local buyers are actors, crew, composers, or creatives with variable cash flow. Two years of tax returns showing consistent patterns, plus union residuals and contract documentation, can strengthen your file. Asset-based options may help high-net-worth buyers with irregular income.
• Scheduling: Production calendars and travel can make paperwork tricky. Build extra time into preapproval and appraisal windows, and set realistic contingency dates.

Next steps for a smooth purchase

• Confirm your target loan size against the latest FHFA conforming loan limits.
• Get a strong preapproval that reflects your true jumbo profile, including credit, assets, and income.
• Assemble documents early: two years of tax returns, bank statements, and any union or residual statements if you are in the entertainment industry.
• Ask lenders about product choices: jumbo fixed vs ARM, portfolio, bank-statement, or asset-depletion programs.
• Compare at least two quotes. Pricing and guidelines vary by lender, especially for jumbos.
• Plan your timeline: allow 30–60 days and pad for appraisals, HOA reviews, or complex income verification.
• For condos, request HOA budgets, meeting minutes, and litigation disclosures upfront.
• Keep reserves accessible to meet lender requirements and strengthen your overall profile.

When you are ready to explore homes in Burbank, you deserve a seasoned advocate who knows the micro-markets and how financing timelines play out in real life. If you want a thoughtful, local strategy for your purchase, connect with Addora Beall for a personalized consultation.

FAQs

What is a jumbo loan and when do you need one in Burbank?

• A jumbo loan is any mortgage above FHFA’s conforming limit; in LA County, loans above the high-cost ceiling typically require jumbo financing.

How much down payment do you usually need for a jumbo in LA County?

• Many lenders expect 10–20% down, with best pricing often at or below 80% LTV and higher reserve requirements for smaller down payments.

Can you qualify for a jumbo with union residuals or 1099 income?

• Yes, if documented with two years of tax returns and supporting statements; lenders vary in how they average variable income.

Are jumbo loans always more expensive than conforming loans?

• Not always; pricing depends on market conditions and your profile, including credit score, LTV, reserves, property type, and product structure.

How long does a jumbo purchase usually take to close in Burbank?

• Plan for 30–60 days, with more time if there is complex income, multiple appraisals, or detailed condo HOA reviews.

Are condos harder to finance with a jumbo in Burbank?

• They can be; lenders set their own project standards, and HOA reserves, litigation, or commercial space can trigger deeper reviews.