Question 1

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

Accepted Answer

Principal and interest run $7,793 monthly at 6.375% on a $1.25M loan with 20% down. That's before taxes, insurance, and HOA. The full scenario: $1.56M purchase, $312,281 down, 80% LTV, 740 FICO, 30-year fixed, 30-day lock.

Question 2

Do I need 20% down for a jumbo loan?

Accepted Answer

Yes. Jumbo lenders require 20% down minimum. Some will go 15% with exceptional credit and reserves, but 20% is the standard floor. Below that, you're back in conforming territory where FHA or conventional with PMI becomes an option.

Question 3

How long does a jumbo close take?

Accepted Answer

Plan for 35-45 days. Appraisals take longer because the lender holds the loan on its books. Employment verification is stricter. Expect more document requests than a conventional loan.

Question 4

What credit score do I need for a jumbo loan?

Accepted Answer

740+ FICO is the standard minimum. Some lenders will consider 700-739 with strong income and reserves, but expect tighter terms. At Union City prices, lenders want proof of financial stability.

Question 5

Can I refinance a jumbo loan later?

Accepted Answer

Yes, but refinancing a jumbo is harder than a conventional. You'll face the same 740+ FICO and 20% equity requirements. If rates drop, refinancing is worth it. If rates stay high, you're locked in.

Jumbo 30-year fixed mortgages in Union City at 6.375%