Question 1

What's the monthly payment on a $1.25M jumbo in Pleasanton?

Accepted Answer

At 5.875% on a $1.25M loan, principal and interest run $7,389 per month. That's before taxes, insurance, and HOA. The full scenario: $1.56M purchase, $312K down, 80% LTV, 740 FICO, 30-year fixed.

Question 2

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

Accepted Answer

Yes — 20% down is the minimum on a jumbo in California. Some lenders accept 15% with a higher rate and stricter reserves, but 20% is standard. Below that, you'll need a portfolio lender or a second mortgage.

Question 3

How much do I need in reserves for a jumbo loan?

Accepted Answer

Six months of housing expenses (mortgage, taxes, insurance) is the baseline. On a $7,389 P&I payment, that's roughly $44K in liquid reserves. Some lenders want 12 months. Ask your lender upfront.

Question 4

Will my jumbo rate be higher than a conventional loan?

Accepted Answer

Yes. Jumbo rates typically run 0.25–0.5% higher than conforming rates because lenders carry more risk. At 5.875%, you're paying for the size of the loan and the tighter underwriting that comes with it.

Question 5

How long does a jumbo loan take to close?

Accepted Answer

Plan for 30–45 days. Appraisals take longer on jumbo properties, and lenders order more inspections. Underwriting is also more thorough. Lock your rate early and stay responsive to document requests.

Jumbo loans in Pleasanton: Fixed rates for homes above the conforming limit