Question 1

What credit score do I need for a jumbo loan in San Luis Obispo?

Accepted Answer

Most lenders require 700 minimum, but 720+ gets you the best rates. Scores below 700 face steep pricing adjustments or outright denials.

Question 2

How much down payment do jumbo loans require?

Accepted Answer

Expect 10-20% down depending on loan size and credit profile. Some lenders go lower with strong income and reserves, but that's rare.

Question 3

Are jumbo loan rates higher than conforming rates?

Accepted Answer

Usually, but the gap has narrowed. As of February 2026, jumbo rates run 0.25-0.50% above conforming for strong borrowers.

Question 4

Can I use a jumbo loan for an investment property in SLO?

Accepted Answer

Yes, but expect 20-30% down and higher rates. Lenders see investment properties as riskier, especially at jumbo loan amounts.

Question 5

Do jumbo loans in San Luis Obispo allow gift funds for down payment?

Accepted Answer

Most lenders allow gifts from family members, but you'll still need your own reserves. Expect detailed documentation on the gift source.

Question 6

How long does jumbo loan approval take?

Accepted Answer

30-45 days is typical given the extra underwriting steps. Complex income or multiple properties can stretch that to 60 days.

Jumbo Loans in San Luis Obispo: Financing Above Conforming Limits