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A San Clemente Mortgage Guide

San Clemente Mortgage Rates


San Clemente mortgage Loan Guide

Conforming Mortgages
Conforming Loans < $970,800.00
Non-Conforming Mortgages
Jumbo Loans > $970,800.00
Government Mortgages
FHA, VA & USDA Loans
11/30/2021 San Clemente Mortgage Loans Limits Have Increased! 

2022 FHFA Conventional loan limits for homes in San Clemente are now $970,800.00 for a single family residence, $1,243,050.00 for a duplex, $1,502,475 for a triplex and $1,867,275.00 for a fourplex.  

2022 FHFA Conforming Loan Limits Effective 11/30/2021

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Conventional Conforming Mortgage Loans
Mortgages that meet Fannie Mae or Freddie Mac underwriting standards and loan limits. The conforming mortgage loan limit in San Clemente is now $970,800.00 for a single-family residence...
Fannie Mae & Freddie Mac are private corporations that guarantee most of the mortgages made in the U.S. This guarantee reduces investors risk, which allows lenders to offer credit at lower costs and with better terms than may otherwise be available. 

Advantages of conventional conforming mortgage loans include low down-payment options, low fixed-rates and specialized financing options for first-time homebuyers. First-time buyers are encouraged to take a homeownership education course. A free homebuyer education course provided by Freddie Mac can be accessed here:  

Conforming loan limits for homes in San Clemente are $970,800.00 for a single-family residence, $1,243,050.00 for a duplex, $1,502,475.00 for a triplex and $1,867,275.000 for a fourplex.
Non-Conforming Mortgage Loans
Mortgages are not required to meet the requirements of Fannie Mae or Freddie Mac. Jumbo loans are non-conforming, portfolio loans that exceed conforming loan limits...
Lumen Mortgage Jumbo Loans provide San Clemente borrowers access to some of the best jumbo mortgage rates in the nation. Lumen Mortgage Jumbo Loans are available for home purchase, mortgage refinance and cash-out mortgage refinance of a primary residence, second home or investment property.  

Non-conforming portfolio loans are available for borrowers with unique circumstances, such as those with complex self-employment, gig, or seasonal income. Portfolio mortgage loans are also available for unique property types and purposes, such as non-warrantable condominiums (condos) and investment properties being purchased business purposes. Our portfolio financing for investment properties allow San Clemente & Orange County borrowers to qualify for mortgages based on a property's debt-service-coverage-ratio (DSCR) or net real estate income. Construction, renovation (fix-and-flip), private mortgages (hard money loans) and bridge loan financing are also available for investment properties.  
Government Mortgage Loans
Mortgages guaranteed or insured by the federal government. Government mortgages include FHA loans (The Federal Housing Administration), VA loans (The Department of Veterans Affairs) and USDA loans (The U.S. Department of Agriculture). The FHA loan limit for a home in San Clemente is $822,375.00... 
What is an FHA loan? 

The Federal Housing Administration (FHA) administers a program of loan insurance to help expand homeownership. The FHA provides mortgage insurance to FHA approved lenders to protect them against losses, if homeowners default on their mortgage loans. The cost of mortgage insurance is passed along to the homeowners by way of mortgage insurance. Qualifying standards for for FHA loans are generally more flexible than conventional conforming loans, making them a great option for first-time homebuyers, borrowers with less than perfect credit, borrowers qualifying with a non-occupying co-borrower or those using gifted funds for their down-payment. The 2020 FHA loan limit for a home in San Clemente is now $822,375.00 for a single-family residence, $1,053,00.00 for a duplex, $1,272,750.00 for a triplex and $1,581,750.00 for a fourplex.   

What is a VA loan?

The U.S. Department of Veterans Affairs (VA) guaranteed mortgages are intended to help servicemembers, veterans and their families buy homes. The VA guarantees a portion of the loan to reduce the risk of loss to the lender. Advantages of VA mortgage loans include low and no down-payment options, no requirement for private mortgage insurance and limitations on the closing costs which the veteran can be charged. 

To learn more about VA loan limits in San Clemente, please call us today. Military Financial Readiness offers helpful tips for veterans, including financial considerations for deployment, ways to avoid financial schemes and additional insights into the VA home loan program. Our VA Jumbo Loans are some of the most competitive loans available for home in San Clemente. 

What is a USDA loan?

The Rural Housing Service (RHS) offers mortgage programs that can help low-to moderate-income rural residents purchase, construct, and repair homes. The RHS both lends directly to qualified borrowers and guarantees loans that meet RHS program requirements made by approved lenders. 

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San Clemente Mortgage FAQ's

Who has the best mortgage rates in San Clemente? 
Mortgage broker who compete for your business offer the best rates and terms. Lumen Mortgage offers a full spectrum of Conventional, Jumbo and Government mortgage loan options, ensuring our customers have access to some of the best mortgage rates in the nation. 
Do jumbo loans require mortgage insurance?
Jumbo loans offered by Lumen Mortgage do not require mortgage insurance (PMI).
What is the conforming loan limit in San Clemente?
$970,800.00 for a single-family residence, $1,243,050.00 for a duplex, $1,502,475.00 for a triplex and $1,867,275.00 for a fourplex. - 2022 Orange County Loan Limits effective 11/30/2021
When should I refinance my home? 
Homeowners may choose to refinance their mortgage in order to get better rates, to take additional cash-out for debt consolidation, home improvement, divorce buy-out or other investment opportunities.  
Are jumbo mortgage rates higher?
Depending on your qualifications, the term of the loan and the mortgage lender you choose, jumbo mortgage rates may be better, or have lower costs than similar conforming mortgage loan options.      

A San Clemente Mortgage

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Our mission is to present clear, transparent loan options, ensuring each customer is informed and confident about the mortgage they choose. We incorporate innovative technologies that promote transparency, increase efficiency and reduce cost.
"Not only were the fees much lower than the broker I had originally planned to work with but the level of service was phenomenal. My real estate agent and the title company we worked with both praised Lumen for the thorough and efficient work they did. This was my first purchase in the US and David took the time to explain every step in the process and review every document with me personally. I could not have been happier and it is my pleasure to recommend them to anyone looking for a mortgage"

Charlotte W

"Our loan officer was incredible. They stayed in constant contact with us during the entirety of the process. They dealt with every underwriting contingency in a timely manner and, despite all, closed on our original close date. Couldn't have done it without them. Literally. I hope to never buy a house again, but when I do, I'll be getting financing through Lumen. Awesome service!

Curt H

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Kasey C

"Lumen Mortgage recently helped me purchase an investment property in California. This was my second time working with the team at Lumen Mortgage and I can’t say enough great things about them! From start to finish they made the entire process easy and stress-free. They were ahead of schedule the entire way and we were even able to close early! Thank you for all your help!"

Trace B

"My experience with David and his team at Lumen Mortgage could not have been better or gone smoother. It is my pleasure to recommend them to anyone looking for a mortgage"

Charlotte W

"Our loan officer was incredible. They stayed in constant contact with us during the entirety of the process. I hope to never buy a house again, but when I do, I'll be getting financing through Lumen. Awesome service!

Curt H

"Great experience working with Lumen Mortgage. Extremely knowledgeable and professional. I would highly recommend!"

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San Clemente Mortgage Glossary

Conforming loans
A conforming loan is a mortgage that is equal to or less than the dollar amount established by the conforming-loan limit set by the Federal Housing Finance Agency (FHFA) and meets the funding criteria of Freddie Mac and Fannie Mae.
Loan-to-Value (LTV)
Lenders use the loan-to-value ratio as a measure to compare the amount of your first mortgage with the appraised value of the property. The higher your down payment or equity, the lower your loan-to-value ratio.
Federal Home Finance Agency (FHFA)
The Federal Housing Finance Agency (FHFA) was established by the Housing and Economic Recovery Act of 2008 (HERA) and is responsible for the effective supervision, regulation, and housing mission oversight of Fannie Mae, Freddie Mac (the Enterprises) and the Federal Home Loan Bank System, which includes the 11 Federal Home Loan Banks (FHL Banks) and the Office of Finance. Since 2008, FHFA has also served as conservator of Fannie Mae and Freddie Mac.
Non-conforming loans
Non-conforming loans are considered “Portfolio loans”. Portfolio loans are mortgage loans underwritten to a specific bank, lending institution, or investor’s guidelines. Portfolio loans are often designed to address the needs of borrowers, properties, and loan sizes that do not conform to Conventional or Government loan standards.
Conventional loans
A conventional loan is any mortgage loan that is not insured or guaranteed by the government (such as under Federal Housing Administration, Department of Veterans Affairs, or Department of Agriculture loan programs). Conventional loans are categorized as conforming loans (underwritten to Fannie Mae or Freddie Mac guidelines) non-conforming loans (Portfolio loans).
Fannie Mae & Freddie Mac (Agency Financing)
Fannie Mae and Freddie Mac were created by Congress. They perform an important role in the nation’s housing finance system – to provide liquidity, stability and affordability to the mortgage market. They provide liquidity (ready access to funds on reasonable terms) to the thousands of banks, savings and loans, and mortgage companies that make loans to finance housing.
Fannie Mae and Freddie Mac buy mortgages from lenders and either hold these mortgages in their portfolios or package the loans into mortgage-backed securities (MBS) that may be sold. Lenders use the cash raised by selling mortgages to the Enterprises to engage in further lending. The Enterprises’ purchases help ensure that individuals and families that buy homes and investors that purchase apartment buildings and other multifamily dwellings have a continuous, stable supply of mortgage money.
By packaging mortgages into MBS and guaranteeing the timely payment of principal and interest on the underlying mortgages, Fannie Mae and Freddie Mac attract to the secondary mortgage market investors who might not otherwise invest in mortgages, thereby expanding the pool of funds available for housing. That makes the secondary mortgage market more liquid and helps lower the interest rates paid by homeowners and other mortgage borrowers.
Fannie Mae and Freddie Mac also can help stabilize mortgage markets and protect housing during extraordinary periods when stress or turmoil in the broader financial system threaten the economy. The Enterprises’ support for mortgage lending that finances affordable housing reduces the cost of such borrowing.
Fannie Mae was first chartered by the U.S. government in 1938 to help ensure a reliable and affordable supply of mortgage funds throughout the country. Today it is a shareholder-owned company that operates under a congressional charter.
Adjustable-Rate Mortgage (ARM)
A mortgage that does not have a fixed interest rate is called an adjustable-rate mortgage. The rate changes during the life of the loan based on movements in an index rate, such as the rate for The London Inter-Bank Offered Rate (LIBOR) Index. Adjustable-Rate Mortgages usually indicate the minimum (floor) rate, the maximum rate, and the maximum, periodic adjustments of the loan. ARM loans may be fixed for a certain period and will begin adjusting once the fixed period has elapsed. The interest rate fluctuates over the life of the loan based on market conditions. When the index rate of an ARM loan increases, the mortgage rate (note rate) and payment (for principal and interest) increase as well.
Private Mortgage Insurance (PMI)
Private Mortgage Insurance, also called PMI, is a type of mortgage insurance you might be required to pay for if you have a conventional loan. Like other kinds of mortgage insurance, PMI protects the lender—not you—if you stop making payments on your loan. PMI is arranged by the lender and provided by private insurance companies. PMI is usually required when you have a conventional loan and make a down payment of less than 20 percent of the home’s purchase price. If you’re refinancing with a conventional loan and your equity is less than 20 percent of the value of your home, PMI is also usually required.
by Lumen Mortgage
A modern mortgage lender combining smart technology and expert advice for brilliant results℠

 Lumen Mortgage Corporation | DBA Lumen Mortgage | NMLS  1498678 | CA 60DBO-98462
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© 2021 Lumen Mortgage | 920 SW 6th Ave Ste 1200, Portland, OR 97204 | All Rights Reserved | | Updated 11/30/2021