Question 1

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

Accepted Answer

Most lenders require 700 minimum, but rates improve significantly at 720 and above. Below 700, expect limited options and higher costs.

Question 2

Can I get a jumbo loan with 10% down?

Accepted Answer

Yes, but you'll pay PMI and higher rates. 20% down eliminates PMI and opens better pricing across most jumbo lenders.

Question 3

How long does jumbo loan approval take in Mendocino County?

Accepted Answer

Plan 45-60 days from application to closing. Appraisals on unique coastal properties add 7-10 days versus standard timelines.

Question 4

Do jumbo loans have higher interest rates than conforming loans?

Accepted Answer

Usually 0.25-0.50% higher for fixed-rate jumbos. ARMs narrow that gap, sometimes pricing within 0.125% of conforming rates.

Question 5

What reserves do lenders require for Fort Bragg jumbo loans?

Accepted Answer

Expect 6 months minimum, often 12 months for loans over $1.5M. Some lenders want 18 months on properties above $2M.

Jumbo Loans in Fort Bragg — Financing Coastal Mendocino Properties Above Conforming Limits