California Jumbo Loan Success: $8 Million Mortgage Closed Fast
How jumbo loan expert Jackie Barikhan at Summit Lending helped a self-employed buyer secure financing for an $8M California luxury home
When a high-net-worth entrepreneur set out to purchase an $8 million luxury home in Irvine, California, they needed a mortgage solution that could handle their complex income. Using a 1031 exchange, the buyer had substantial assets but earned income through multiple businesses, passive investments, and fluctuating cash flow—making traditional mortgage qualification difficult.
The Jumbo Loan Challenge
Most lenders prefer simple, W-2 income verification. For self-employed borrowers, especially at the luxury real estate level, proving income can delay or derail the mortgage process. The borrower needed jumbo loan financing that would be approved quickly without unnecessary red tape.
The Customized Solution
California jumbo loan specialist Jackie Barikhan structured a tailored mortgage using:
- Bank statement loan program to verify income from multiple business entities
- Asset utilization strategy to maximize qualifying power
- Partnership with a private, investor-friendly lender for flexible underwriting
This approach delivered:
- Competitive jumbo mortgage rate
- Fast approval timeline
- Smooth, stress-free closing for both buyer and agent
The Result
The buyer closed on their $8M California luxury home on time, on budget, and with financing that matched their unique income profile.
“I absolutely love working on jumbo loans, especially for self-employed and high-net-worth clients. These transactions give me the opportunity to be creative and strategic—two things I thrive on. Every client’s financial picture is unique, and I enjoy structuring solutions that other lenders might overlook. With over 20 years in the mortgage industry, I’ve developed the expertise to navigate complex income scenarios, leverage bank statement and asset-based programs, and secure competitive jumbo rates. Helping my clients close on their dream homes, even when the financing is intricate, is incredibly rewarding—that’s where my passion and experience truly shine.” – Jackie
Why Work With a California Jumbo Loan Solution Expert?
Jumbo mortgages require experience and creativity. Jackie Barikhan and Summit Lending specialize in financing solutions for:
- Self-employed professionals
- Real estate investors
- High-net-worth individuals
- Buyers with complex income structures
What You Need to Know About Getting a Jumbo Loan in California
If you’re buying a home or investment property in a high-cost California market, you may hear the term “jumbo loan.” Unlike conventional mortgages, jumbo loans are designed for properties that exceed conforming loan limits set by Fannie Mae and Freddie Mac.
In 2024, the standard conforming loan limit is $726,200 for a single-family home in most of the U.S., with higher limits in designated high-cost areas. But in markets like Southern California, even the higher limits often aren’t enough for buyers seeking luxury, beachfront, or custom homes. When your loan amount exceeds these limits, you’ll need a jumbo loan.
When Do You Need a Jumbo Loan?
If the property price is above your area’s conforming limit, a jumbo loan is the solution—whether you’re buying a high-end primary home, second home, or investment property.
Can You Refinance a Jumbo Loan?
Yes. Refinancing works much like a conventional loan, and we offer cash-out refinancing up to $2 million.
Fixed or Adjustable Rates?
Jumbo loans come in both fixed and adjustable-rate options. We’ll help you choose based on your financial goals.
Qualification Requirements
Because jumbo loans represent more risk for lenders, qualification standards are different. The good news? With our programs, you don’t need tax returns or a P&L—we can qualify you using bank statements. We’ll work with you to address credit score, cash reserves, DTI, and other factors, often with creative strategies to get you approved.
If you’re buying a luxury home in California and need a jumbo loan that works with your financial profile, contact Jackie today.
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