Question 1

What credit score do I need for a jumbo loan in Lafayette?

Accepted Answer

Most lenders require 700 minimum, but 720+ unlocks better rates. Scores below 700 face higher costs or denial on jumbo amounts.

Question 2

How much cash reserves do jumbo lenders require?

Accepted Answer

Expect 6-12 months of mortgage payments in liquid assets after closing. Larger loan amounts push toward 12 months or more.

Question 3

Can I get a jumbo loan with 10% down in Lafayette?

Accepted Answer

Yes, but you'll pay higher rates and need exceptional credit. 20% down gets better pricing and easier approval.

Question 4

Do jumbo rates run higher than conforming rates?

Accepted Answer

Typically 0.25-0.75% higher, though strong credit and large down payments can narrow the gap. Rate shopping matters more on jumbos.

Question 5

Should I choose a jumbo ARM or fixed-rate mortgage?

Accepted Answer

ARMs save 0.5%+ if you'll move or refinance within seven years. Fixed makes sense if you're staying long-term.

Question 6

What's the jumbo loan limit in Contra Costa County?

Accepted Answer

Jumbo loans start above $766,550 in 2024. Most Lafayette homes exceed this threshold given local pricing.

Jumbo Loans in Lafayette: Financing Luxury Homes Above Conforming Limits