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Paramount sits in Los Angeles County where the median household income of $87,760 stretches to cover homes in the $1.5M range with jumbo financing. At 6.375%, a $1.25M loan on a $1.56M purchase runs $7,793 monthly in principal and interest alone.
Jumbo loans at this price point require tighter underwriting than conforming mortgages. Lenders want 740+ FICO, 20% down minimum, and proof of reserves. The process takes 45-60 days and demands full documentation of income and assets.
6.375%
Interest Rate
$7,793
Monthly P&I
740
Min FICO
20% ($312K)
Down Payment
45-60 days
Close Timeline
Jumbo Loans in Paramount
Jumbo loans in Paramount start at 700 FICO but 740+ is standard for the best rates. You'll need 20% down ($312,281 on a $1.56M purchase) and proof of 6-12 months liquid reserves after closing.
Los Angeles County's median household income of $87,760 means most jumbo buyers here are above-average earners or have investment income. A $1.56M home with 20% down and 6.375% financing requires roughly $11,500 monthly gross income to stay under 43% DTI.
Local decision guide
Use this guide to connect jumbo loans eligibility, lender expectations, and local market factors before comparing payment options in Paramount.
Paramount sits in Los Angeles County where the median household income of $87,760 stretches to cover homes in the $1.5M range with jumbo financing. At 6.375%, a $1.25M loan on a $1.56M purchase runs $7,793 monthly in principal and interest alone.
Jumbo loans at this price point require tighter underwriting than conforming mortgages. Lenders want 740+ FICO, 20% down minimum, and proof of reserves. The process takes 45-60 days and demands full documentation of income and assets.
Jumbo loans in Paramount start at 700 FICO but 740+ is standard for the best rates. You'll need 20% down ($312,281 on a $1.56M purchase) and proof of 6-12 months liquid reserves after closing.
California jumbo lending is split between portfolio lenders (banks that hold loans) and correspondent shops (brokers selling to aggregators). Portfolio lenders move slower but offer more flexibility on reserves and employment gaps.
Most jumbo closings in California take 45-60 days because underwriting is manual and thorough. Appraisals run $800-1,200 on properties this size.
Jumbo loans make sense in Paramount when you're buying above $1.25M and have the reserves to prove it. At 6.375%, the math works if you're staying in the home 5+ years.
The real advantage of jumbo over FHA at this price point is speed and simplicity. FHA maxes out at $1.25M in Los Angeles County, so you'd need two loans or conventional anyway. One jumbo loan with 20% down closes in 50 days.
Conventional conforming loans max out at $1.25M in Los Angeles County. Above that, you're choosing between jumbo or stacking an FHA loan on top of a conventional. Jumbo is one loan, one appraisal, one closing.
Jumbo rates run slightly higher than conforming because the lender holds more risk. But you avoid the complexity of dual financing and the mortgage insurance that comes with FHA. At $1.56M, a single jumbo loan is cleaner than splitting across two programs.
Paramount is in Los Angeles County where school district funding is tied to property tax revenue. Homes in the $1.5M range here typically sit in established neighborhoods with stable enrollment.
The county's infrastructure spending on roads and transit affects long-term home values. Paramount's proximity to the 605 and 710 freeways makes it accessible for commuters, which supports resale demand.
On a $1.25M loan at 6.375% APR, principal and interest run $7,793 monthly. That's before property taxes, insurance, and HOA if applicable.
Yes — 20% down is the standard minimum for jumbo loans. That's $312,281 on a $1.56M purchase. Some lenders accept 15% down but rates jump 0.5-0.75% and you'll need stronger reserves and credit. 20% down keeps you competitive on rate and terms.
Most jumbo lenders want 740+ FICO for the best rates. You might qualify at 700, but expect rate penalties of 0.25-0.5%. Below 700, jumbo lending gets difficult. Lenders pull all three bureaus and average the middle score.
Jumbo closings typically take 45-60 days. Underwriting is manual and thorough because the loan amount is large. Appraisals take 2-3 weeks. If you need to close faster, discuss timeline upfront — some lenders can do 30 days with rush fees.
Yes, but self-employed borrowers need two years of tax returns, profit-and-loss statements, and bank statements. Lenders average your income over two years. If your income is rising, that helps.