Question 1

What's the monthly payment on a $1.25M jumbo loan in Industry right now?

Accepted Answer

At 6.375% on a $1.25M loan, principal and interest run $7,793 monthly. That's before taxes, insurance, and HOA. The full scenario: $1.56M purchase, $312K down (20%), 740 FICO, 30-day lock, 0.472 points ($5,897 upfront).

Question 2

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

Accepted Answer

Yes. Jumbo lenders require 20% down minimum ($312K on a $1.56M purchase). Some portfolio lenders go to 15% with exceptional credit and reserves, but 20% is the standard. Below that, you'll be rejected.

Question 3

How long does jumbo underwriting take?

Accepted Answer

45-60 days. Jumbo files require deeper employment verification, stricter appraisals, and asset review. Conforming loans close in 30-40 days; jumbo is slower because lenders keep these loans on their books, not sell them.

Question 4

Can I get a jumbo loan if I'm self-employed?

Accepted Answer

Yes, but you'll need two years of tax returns, a CPA letter, and a business license. Self-employed borrowers face tighter scrutiny on income stability. W-2 employees with two years' history have an easier path.

Question 5

What's the difference between jumbo and a conventional piggyback loan?

Accepted Answer

Jumbo is one loan; piggyback is two (an 80% conforming + a 10-15% second). Jumbo has one rate, one servicer, one closing. Piggyback means two sets of closing costs and two monthly payments. Jumbo is simpler and cheaper.

Jumbo 30-Year Fixed Mortgages in Industry, CA