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El Cajon's median home price sits well above the conforming limit. A $1.38M purchase with 20% down ($276K) and a 6.375% rate runs $6,888 monthly in principal and interest alone. That's the jumbo market here.
San Diego County's median household income of $102,285 stretches across a wide range of properties. Jumbo buyers in El Cajon typically earn $200K+ and carry significant assets.
6.375%
Current Jumbo Rate
$6,888
Monthly P&I
740
Minimum FICO
20%
Minimum Down Payment
$1.104M
Loan Amount Example
35–45 days
Closing Timeline
Jumbo Loans in El Cajon
Jumbo loans in El Cajon start at the conforming limit ($1.104M) and climb from there. You'll need 740+ FICO, 20% down minimum, and six to twelve months of liquid reserves.
San Diego County's median household income is $102,285. A jumbo buyer here typically earns $200K–$400K annually. That income supports the $1.38M purchase price, but debt-to-income caps run 43% or lower.
Local decision guide
Use this guide to connect jumbo loans eligibility, lender expectations, and local market factors before comparing payment options in El Cajon.
El Cajon's median home price sits well above the conforming limit. A $1.38M purchase with 20% down ($276K) and a 6.375% rate runs $6,888 monthly in principal and interest alone. That's the jumbo market here.
San Diego County's median household income of $102,285 stretches across a wide range of properties. Jumbo buyers in El Cajon typically earn $200K+ and carry significant assets.
Jumbo loans in El Cajon start at the conforming limit ($1.104M) and climb from there. You'll need 740+ FICO, 20% down minimum, and six to twelve months of liquid reserves.
Jumbo lending in California is dominated by portfolio lenders and private banks. These aren't mortgage mills—they hold loans on their books and price them individually. Rates typically run 0.25–0.5% above conforming, reflecting the risk and servicing cost.
Broker networks access jumbo lenders that retail banks won't touch. Closing timelines run 35–45 days, longer than conventional. Appraisals are stricter, and some lenders require a second appraisal on properties over $1.5M.
Jumbo makes sense in El Cajon when you have 20% down and strong income. At $1.38M, the 6.375% rate pencils out cleanly against the alternative—a portfolio ARM that starts lower but adjusts after five years.
Jumbo doesn't work if you're stretching to 95% LTV or carrying high debt. El Cajon's market rewards buyers with cash reserves and clean credit. The $5,212 in discount points (0.472 points) is real money upfront, but it locks your rate for thirty years.
A 5/1 ARM at this price point typically starts 0.5% lower than the 30-year fixed. The payment is lower for five years, then adjusts annually based on the index. If rates stay flat, you save money. If they climb, your payment jumps.
The 30-year fixed locks your rate and payment for the life of the loan. You pay more upfront, but you never face a rate shock. In El Cajon, where buyers often stay long-term, the certainty of a fixed rate outweighs the short-term savings of an ARM.
El Cajon sits in the East County region of San Diego, known for affordability relative to coastal neighborhoods. The city has seen steady investment in downtown revitalization and commercial corridors.
Schools in the area serve families across income levels. Proximity to employment centers in San Diego and Escondido makes commuting feasible. Jumbo buyers here often choose El Cajon for the space and value, not the prestige—a practical market.
Principal and interest run $6,888 per month at 6.375%. That's on a $1.104M loan, 20% down, 740 FICO, 30-year fixed. Add property tax, insurance, and HOA—your total housing payment will be higher. The $5,212 in discount points is paid upfront.
Yes. Jumbo lenders require 20% down minimum. That's $276K on a $1.38M purchase. Some lenders go to 25% down for properties over $1.5M. Less than 20% down disqualifies you from jumbo lending entirely.
740 FICO or higher. Some lenders will go to 720 with strong income and reserves, but 740 is the standard floor. Jumbo underwriting is stricter than conventional—a single late payment or high utilization can hurt your approval.
Plan for 35–45 days. Jumbo lenders move slower than retail banks because they hold loans on their books. Appraisals take longer, underwriting is more thorough, and documentation is extensive. Don't expect a 21-day close.
If you're staying ten years or longer, the fixed rate wins. ARMs start lower but adjust after five years—your payment could jump $500+ monthly if rates rise. The fixed rate costs more upfront but protects you from rate shock.