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 taxes, insurance, and HOA fees — total housing cost typically reaches $9,500–$10,000 monthly depending on the property.

Question 2

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

Accepted Answer

Yes. Jumbo lenders require 20% down minimum. On a $1.56M purchase, that's $312,281. Some lenders accept 15% down with exceptional credit and reserves, but 20% is the standard floor.

Question 3

What credit score do I need for a jumbo loan?

Accepted Answer

740 FICO is the typical minimum. Some lenders go as low as 720 with strong reserves and income, but 740+ is the safe threshold for jumbo approval in California.

Question 4

How long does it take to close a jumbo loan?

Accepted Answer

Jumbo loans typically close in 45–60 days. Underwriting is more rigorous than conforming loans. You'll need two years of tax returns, 12 months of bank statements, and a thorough appraisal.

Question 5

Why is the jumbo rate higher than conforming?

Accepted Answer

Jumbo lenders keep loans on their books instead of selling them, so they carry the risk. That risk premium shows up as a higher rate — typically 0.25–0.5% above conforming for the same credit profile.

Jumbo 30-year Fixed Mortgages in San Leandro