Question 1

What's the monthly payment on a $1.1M jumbo loan at 6.375%?

Accepted Answer

On a $1.1M loan at 6.375% APR, the principal and interest payment is $6,863 per month. That assumes a 30-year term, 740 FICO, 80% LTV, primary residence. Add property taxes, insurance, and HOA if applicable.

Question 2

Do I need 20% down for a jumbo loan in Westmorland?

Accepted Answer

Yes — 20% down is the standard minimum for jumbo loans. On a $1.375M purchase, that's $275K. Some lenders accept 15% down with stronger reserves, but 20% is the norm and gets the best pricing.

Question 3

What FICO score do I need for a jumbo mortgage?

Accepted Answer

Most jumbo lenders require 740 FICO or higher. Some will go to 720 with strong reserves and income. Below 720, options shrink and rates rise. A 740 FICO qualifies for standard pricing on this loan.

Question 4

How much in reserves do jumbo lenders require?

Accepted Answer

Jumbo lenders typically want 6-12 months of reserves after closing. On a $6,863 monthly payment, that's roughly $41K-$82K in liquid savings. Reserves prove you can cover the mortgage if income drops.

Question 5

How long does a jumbo loan take to close?

Accepted Answer

Jumbo closings typically run 45-60 days. Appraisals on high-value properties take longer. Underwriting is more detailed. If you need to close faster, discuss timeline with your lender early.

Jumbo 30-year fixed loans in Westmorland: $1.1M+ financing at 6.375%