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Chester sits in the heart of Plumas County, where $1.375M homes represent the upper end of the market. A jumbo loan at 6.375% on $1.1M carries a principal-and-interest payment of $6,863 monthly. That's the baseline before taxes, insurance, and HOA fees.
Jumbo financing here requires serious qualification. You'll need 740+ FICO, 20% down minimum, and proof of reserves. Lenders scrutinize income and assets more closely than they do for conforming loans below $832,750.
6.375%
Interest Rate
$6,863
Monthly P&I
740+
FICO Required
20% ($275K)
Down Payment
45–60 days
Close Timeline
Jumbo Loans in Chester
Jumbo loans in Chester demand a 740 FICO floor and 20% down payment. On a $1.375M purchase, that's $275,000 down and a $1.1M loan. Lenders want to see 6–12 months of reserves in liquid assets after closing.
Plumas County's median household income is $64,946. That income supports homes in the $400K–$500K range comfortably. Jumbo buyers here typically earn well above county median or have significant assets outside employment income.
Local decision guide
Use this guide to connect jumbo loans eligibility, lender expectations, and local market factors before comparing payment options in Chester.
Chester sits in the heart of Plumas County, where $1.375M homes represent the upper end of the market. A jumbo loan at 6.375% on $1.1M carries a principal-and-interest payment of $6,863 monthly. That's the baseline before taxes, insurance, and HOA fees.
Jumbo financing here requires serious qualification. You'll need 740+ FICO, 20% down minimum, and proof of reserves. Lenders scrutinize income and assets more closely than they do for conforming loans below $832,750.
Jumbo loans in Chester demand a 740 FICO floor and 20% down payment. On a $1.375M purchase, that's $275,000 down and a $1.1M loan. Lenders want to see 6–12 months of reserves in liquid assets after closing.
Jumbo lending in California is tighter than conforming. Retail banks and portfolio lenders dominate the space. Brokers can access jumbo programs through correspondent lenders, but rates run 0.25–0.5% higher than conforming due to portfolio risk.
Underwriting takes 45–60 days for jumbo loans. Appraisals are stricter, and lenders order full employment verification, tax returns, and asset statements. Loan-to-value caps at 80% for primary residences. Cash-out refinances are harder to find.
Jumbo loans make sense in Chester when you're buying above $832,750 and have the reserves to prove it. Below that threshold, conventional financing is cheaper and faster. The rate premium for jumbo is real—you're paying for portfolio risk.
At $1.375M, you have no choice but jumbo. The conforming limit stops at $832,750. If you can put 20% down and show 6+ months of reserves, jumbo is your only path forward here.
Conventional loans max out at $832,750 in Plumas County. A jumbo loan lets you finance up to $1.1M or more. The tradeoff: jumbo rates run higher, underwriting is tighter, and you must have 20% down plus substantial reserves.
If you're buying a $1.375M home in Chester, you can't use conventional. Jumbo is the only option. The rate premium reflects the lender's portfolio risk on loans above the conforming limit.
Chester is a small mountain town in Plumas County with a population of 19,607. The median household income of $64,946 reflects a rural economy. Jumbo buyers here are often second-home owners or retirees with assets from elsewhere.
The area offers outdoor recreation and quiet living. Buyers financing $1.375M homes typically aren't working locally. They're bringing income from Sacramento, the Bay Area, or retirement accounts.
Principal and interest run $6,863 monthly at 6.375% on a 30-year fixed. That's before taxes, insurance, and HOA. The full scenario: $1.375M purchase, $275K down (20%), 740 FICO, 30-day lock, priced April 16, 2026.
Yes. Jumbo lenders require 20% down minimum on primary residences. On a $1.375M purchase, that's $275,000. Some lenders go to 25% down for investment properties or if reserves are thin.
740 FICO is the floor for most jumbo programs. Some lenders go to 700, but you'll pay a rate premium. At 740+, you get the best pricing. Below 700, jumbo financing becomes very difficult.
Plan for 45–60 days. Jumbo underwriting is slower than conforming because lenders order stricter appraisals and full employment verification. Reserves and asset documentation add time.
Yes, but rates run 0.5–0.75% higher than primary residence rates. Down payment requirements jump to 25%. Lenders treat investment and second-home jumbo loans as higher risk.