Question 1

What's the monthly payment on a $1.25M jumbo loan at today's rate?

Accepted Answer

At 6.375% on a $1.25M loan, principal and interest run $7,793 monthly. Add property tax, insurance, and HOA, and you're looking at $9,500-$10,200 total. The 0.472 discount points cost $5,897 upfront.

Question 2

Do I need 20% down to qualify for a jumbo loan?

Accepted Answer

Yes — 20% down is the minimum for jumbo loans. Most lenders prefer 25% or more. At $1.56M purchase price, that's $312K to $390K down. Gifts aren't allowed; it must be your own seasoned savings.

Question 3

What credit score do I need for a jumbo mortgage in Emeryville?

Accepted Answer

740 FICO is the floor. Most lenders want 760 or higher for the best rates. A single late payment or high credit utilization can knock you out of jumbo approval. Clean credit matters more on jumbo than conventional.

Question 4

How much income do I need to qualify for a $1.56M home?

Accepted Answer

At 43% debt-to-income, you need roughly $220K+ annual household income to support the $7,793 payment plus existing debts. Alameda County's median is $126,240, so you'll need dual earners or self-employment income.

Question 5

How long does a jumbo loan take to close?

Accepted Answer

Broker-originated jumbos close in 21-30 days with clean documentation. Retail banks run 40-45 days. Jumbo underwriting is stricter — appraisals take longer, employment verification is deeper. Lock your rate early and expect a 30-day lock as standard.

Jumbo 30-Year Fixed Mortgages in Emeryville