Question 1

What's the current jumbo loan limit in Walnut Creek?

Accepted Answer

Jumbo loans exceed conforming limits set by the FHFA, which vary annually. Any mortgage amount above these limits qualifies as jumbo financing in Contra Costa County.

Question 2

Can I get a jumbo loan with less than 20% down?

Accepted Answer

Yes, some jumbo programs accept down payments as low as 10%. However, larger down payments typically secure better interest rates and reduce monthly mortgage insurance costs.

Question 3

How long does jumbo loan approval take in Walnut Creek?

Accepted Answer

Expect 30 to 45 days for jumbo loan approval. The timeline depends on documentation completeness, appraisal scheduling, and underwriting complexity for your specific financial situation.

Question 4

Do jumbo loans require mortgage insurance?

Accepted Answer

Mortgage insurance requirements depend on your down payment amount and lender. Some jumbo programs avoid PMI with 20% down, while others structure insurance differently than conventional loans.

Question 5

What credit score do I need for a Walnut Creek jumbo loan?

Accepted Answer

Most lenders require credit scores of 700 or higher for jumbo financing. Some programs accept scores as low as 680 with compensating factors like larger down payments or substantial reserves.

Jumbo Loans in Walnut Creek: Financing for High-Value Properties in Contra Costa County