Question 1

What's the monthly payment on a $1.38M Del Mar home with 20% down?

Accepted Answer

Principal and interest run $6,531 monthly at 5.875% on a $1.104M loan. Add property taxes, insurance, and HOA fees—total housing costs typically exceed $10,000/month in Del Mar. That's why lenders require 43% max debt-to-income.

Question 2

Do I need 20% down for a jumbo loan in Del Mar?

Accepted Answer

Yes. Jumbo lenders require 20% down minimum ($276K on a $1.38M purchase). Some portfolio lenders go 15% down but charge 0.5%+ higher rates and demand 12 months reserves instead of six.

Question 3

How long does a jumbo loan close take?

Accepted Answer

45–60 days is standard for jumbo deals. Appraisals take 2–3 weeks, underwriting adds 2–3 weeks, and final review takes another 1–2 weeks. Conventional loans close in 30–45 days because there's less documentation.

Question 4

Can I use a gift from family for the down payment on a jumbo?

Accepted Answer

No. Jumbo lenders require the down payment to come from your own liquid assets. Gift funds are not allowed because they signal insufficient personal reserves. You must show six months of reserves after closing.

Question 5

What FICO score do I need for a jumbo loan?

Accepted Answer

740 minimum. Some portfolio lenders go 720 but charge 0.375%+ higher rates. Del Mar's price point attracts borrowers with strong credit, so 760+ is common and gets the best pricing.

Jumbo 30-year fixed mortgages for Del Mar luxury homes