Question 1

What's the minimum down payment for a jumbo loan in Rolling Hills Estates?

Accepted Answer

Most lenders require 20% down, but loans above $2 million often need 25-30%. Your credit score and reserves also affect down payment requirements.

Question 2

How do jumbo rates compare to conforming rates?

Accepted Answer

Jumbo rates currently run 0.25-0.75% higher than conforming loans. Strong credit and large down payments get you closer to conforming pricing.

Question 3

Can I use a jumbo loan for a second home here?

Accepted Answer

Yes, but expect 30% down minimum and higher rates. Lenders treat second homes as riskier than primary residences on jumbo loans.

Question 4

What credit score do I need for a jumbo loan?

Accepted Answer

You can qualify at 700, but rates improve significantly at 740+. Most approved borrowers in this market score above 750.

Question 5

Do jumbo loans require mortgage insurance?

Accepted Answer

No. Jumbo loans never require PMI regardless of down payment size since they don't follow conforming guidelines.

Question 6

How long does jumbo loan approval take?

Accepted Answer

Plan 30-45 days from application to closing. Income verification and appraisals take longer on jumbo loans than conforming mortgages.

Jumbo Loans for Rolling Hills Estates Luxury Properties