Question 1

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

Accepted Answer

Principal and interest run $6,888 monthly at 6.375% on a $1.104M loan. Add property tax, insurance, and HOA if applicable. Full scenario: 6.375% APR 6.399%, $1.104M loan, $1.38M purchase, $276K down, 80% LTV, 740 FICO, single family, primary...

Question 2

Do I need 20% down to qualify for a jumbo loan in Santee?

Accepted Answer

Yes. Jumbo lenders require 20% down minimum. That's $276K on a $1.38M purchase. Some lenders accept 15% down with compensating factors (higher FICO, larger reserves), but expect a rate bump and tighter underwriting.

Question 3

What credit score do I need for a jumbo mortgage?

Accepted Answer

Most jumbo lenders want 740 FICO or higher. Some accept 700–739 with strong compensating factors like 25% down or eight months of reserves. Below 700, jumbo approval becomes difficult and rates rise significantly.

Question 4

How long does a jumbo loan take to close in Santee?

Accepted Answer

Plan for 45–60 days. Jumbo underwriting is stricter than conventional. Appraisals take longer and cost more. A 30-day rate lock is standard, so lock early and have your documents ready within two weeks of application.

Question 5

Can I use a jumbo loan if I'm self-employed?

Accepted Answer

Yes, but lenders require two years of tax returns, profit-and-loss statements, and business bank statements. Self-employed income is averaged over two years. Losses or inconsistent income can reduce your approval amount or raise your rate.

Jumbo 30-year fixed mortgages in Santee: $1.38M homes at 6.375%