Question 1

What's the monthly payment on a $1.56M Berkeley home with 20% down?

Accepted Answer

At 6.375% on a $1.25M jumbo loan, principal and interest run $7,793 monthly. Add property tax, insurance, and HOA—total housing payment typically hits $10,500-$11,200. That's the real monthly cost.

Question 2

Do I need 20% down on a jumbo loan in Berkeley?

Accepted Answer

Yes. Jumbo lenders require 20% down minimum. Some portfolio lenders go to 15% with higher rates and larger reserves, but 20% is the standard. Below 20%, you're back to conventional loans, which max out at $1.25M.

Question 3

What credit score do I need for a jumbo mortgage?

Accepted Answer

Minimum 740 FICO. Most jumbo lenders won't touch anything below that. At 740, you qualify, but 760+ gets you better pricing. Late payments or high utilization in the past two years can disqualify you even at 750+.

Question 4

How much do I need in savings to qualify for jumbo?

Accepted Answer

Six months of PITI (principal, interest, taxes, insurance) in liquid assets after closing. On a $1.56M Berkeley home, that's roughly $47,000-$50,000 sitting in the bank. Retirement accounts don't count—it has to be accessible cash.

Question 5

How long does jumbo underwriting take?

Accepted Answer

30-45 days is typical. Jumbo files are deeper than conventional—lenders verify employment, assets, and reserves more thoroughly. Retail banks move faster (30 days) but charge higher rates. Portfolio lenders take longer but price better.

Jumbo 30-year Fixed Mortgages in Berkeley: Above the Conforming Limit