Question 1

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

Accepted Answer

Most lenders require 700 minimum, though 720+ gets better rates. Scores below 700 limit your lender options significantly.

Question 2

How much should I put down on a Clovis jumbo property?

Accepted Answer

20% is standard. Some lenders offer 10-15% down programs but charge higher rates and require stronger credit.

Question 3

Do jumbo loans require mortgage insurance?

Accepted Answer

No. Jumbos skip PMI regardless of down payment size. This offsets the higher loan amount for many buyers.

Question 4

Can self-employed buyers get jumbo loans in Clovis?

Accepted Answer

Yes, with two years of tax returns showing stable or rising income. Lenders scrutinize profit trends and business expenses closely.

Question 5

What's the maximum jumbo loan amount available in Clovis?

Accepted Answer

Most lenders cap at $2-3 million. Specialty portfolio lenders go higher but require exceptional credit and reserves.

Jumbo Loans in Clovis: Financing Beyond Conforming Limits