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Del Rey Oaks sits inside Monterey County, one of California's most expensive coastal markets. Properties here routinely exceed conforming loan limits.
A jumbo loan covers anything above the FHFA conforming limit. In Monterey County, that threshold matters for most buyers serious about this area.
700–720 typical
Min Credit Score
10–20% min
Down Payment
12 months PITI
Cash Reserves
30–45 days
Avg Close Time
Fixed or ARM
Rate Type
Jumbo Loans in Del Rey Oaks
Jumbo lenders set their own rules. Expect a minimum 700 credit score from most — some competitive programs require 720 or higher.
Reserves matter a lot with jumbo. Lenders typically want 12 months of mortgage payments sitting in your accounts after closing.
Local decision guide
Use this guide to connect jumbo loans eligibility, lender expectations, and local market factors before comparing payment options in Del Rey Oaks.
Del Rey Oaks sits inside Monterey County, one of California's most expensive coastal markets. Properties here routinely exceed conforming loan limits.
A jumbo loan covers anything above the FHFA conforming limit. In Monterey County, that threshold matters for most buyers serious about this area.
Jumbo lenders set their own rules. Expect a minimum 700 credit score from most — some competitive programs require 720 or higher.
Jumbo loans aren't sold to Fannie Mae or Freddie Mac. Each lender holds them in-house, so guidelines vary widely across institutions.
We shop across 200+ wholesale lenders to find the right jumbo program. One lender's decline is another's approval at better terms.
The biggest mistake jumbo buyers make is going straight to their bank. Retail banks price jumbo loans for convenience, not competition.
On a $1.5M loan, a 0.25% rate difference saves thousands annually. That gap is real and we find it regularly for clients.
Some buyers split the loan into a conforming first and a second mortgage. This piggyback strategy avoids jumbo pricing — but it's not always cheaper.
ARMs and interest-only options are common in the jumbo space. They can lower your initial payment but carry long-term risk. Know what you're trading.
Del Rey Oaks is a small city surrounded by Seaside and Monterey. Its location near the peninsula drives prices well past conforming limits.
Monterey County appraisals can be tricky. Jumbo lenders often order two appraisals on high-value properties. Build that into your timeline.
Anything above the FHFA conforming limit requires jumbo financing. In high-cost counties like Monterey, that threshold shifts — check current FHFA limits before assuming.
Some lenders allow 10% down on jumbo, but expect tighter credit and reserve requirements. Below 20% down, the field of willing lenders shrinks fast.
Not always. Jumbo rates have traded below conforming rates at times. It depends on lender appetite and your profile. Rates vary by borrower profile and market conditions.
Budget 30–45 days. Jumbo files get more scrutiny, and Monterey County appraisals can slow the process if comps are limited.
Yes, but it takes preparation. Lenders want two years of tax returns and may average your income conservatively. Inconsistent income years hurt.
It depends on your hold timeline. A 7/1 ARM can save meaningful money if you sell or refi within the fixed period. Don't take one without a clear exit plan.