Question 1

What's the monthly payment on a $1.1M jumbo loan in Redlands?

Accepted Answer

At 6.375% on a $1.1M loan, principal and interest runs $6,863 per month. Add property taxes, insurance, and HOA fees—expect $8,500–$9,200 total monthly. This assumes a $1.375M purchase with 20% down.

Question 2

Do I need 20% down for a jumbo loan?

Accepted Answer

Yes. Jumbo lenders require 20% down minimum. On a $1.375M purchase, that's $275,000. Some lenders offer 15% down with higher rates and stricter reserves, but 20% is the standard floor.

Question 3

What credit score do I need for jumbo approval?

Accepted Answer

Minimum 740 FICO. Most jumbo lenders won't approve below that. If you're at 700–739, you'll face higher rates or denial. Conventional loans accept 620+, so jumbo is stricter.

Question 4

How much in reserves do jumbo lenders want?

Accepted Answer

Typically 6–12 months of housing payment, taxes, and insurance combined. On a $1.375M home, that's $100,000–$150,000 liquid after closing. Lenders verify bank statements and investment accounts.

Question 5

How long does a jumbo loan take to close?

Accepted Answer

Plan for 45–60 days. Jumbo underwriting is deeper than conventional. Full appraisals, employment verification, and asset documentation take time. Conventional loans close in 30–40 days.

Jumbo 30-Year Fixed Mortgages in Redlands: $1.1M+ Loans for San Bernardino County Buyers