Question 1

What's the monthly payment on a $1.1M jumbo loan at today's rate?

Accepted Answer

At 6.375% on a $1.1M loan, principal and interest run $6,863 monthly. Add property tax, insurance, and HOA (if any) on top. The 0.472 discount points cost $5,193 upfront to lock this rate for 30 days.

Question 2

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

Accepted Answer

Yes — 20% down is the minimum for jumbo loans. On a $1.375M purchase, that's $275,000. Some lenders allow 15% down at higher rates and with larger reserves. Call for options if you're below 20%.

Question 3

How long does a jumbo loan take to close?

Accepted Answer

Jumbo loans typically close in 45-60 days. Appraisals take 10-14 days, underwriting 15-20 days, and final approval 5-10 days. Your employment verification and tax returns get deeper review than conventional loans.

Question 4

What credit score do I need for a jumbo loan in Atascadero?

Accepted Answer

Most jumbo lenders require 740+ FICO. At 740, you qualify for the best rates and terms. Below 740, rates climb 0.25-0.5% and reserves increase. Above 760, you see no additional benefit.

Question 5

Can I put down less than 20% on a jumbo loan?

Accepted Answer

Some lenders allow 15% down on jumbo loans, but rates jump 0.375-0.5% and you'll need 9-12 months of reserves instead of six. 20% down is the sweet spot for rate and terms.

Jumbo 30-year fixed loans in Atascadero for homes above $1M