Question 1

What's the monthly payment on a $1.1M jumbo loan at 6.375%?

Accepted Answer

Principal and interest run $6,863 monthly. Add property taxes, insurance, and HOA—total housing payment hits $9,500-$10,500. That's on a $1.375M purchase with $275K down, 740 FICO, 30-day lock, primary residence.

Question 2

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

Accepted Answer

Yes. 20% down ($275K on a $1.375M purchase) is the minimum. Most lenders won't go below 80% LTV on jumbo. Some portfolio lenders accept 15% down, but rates jump 0.25-0.5% and reserves requirements climb to 12-18 months.

Question 3

What credit score do I need for a jumbo mortgage?

Accepted Answer

740 FICO minimum. No exceptions. Lenders treat jumbo as portfolio risk, so they're strict on credit. 760+ gets you better pricing. Below 740, you don't qualify, period.

Question 4

How long does a jumbo loan close take?

Accepted Answer

35-45 days is typical. Appraisals take longer on jumbo deals because lenders scrutinize comparables more carefully. Underwriting is deeper too—expect full documentation, employment verification, and asset review.

Question 5

Is a jumbo loan more expensive than a conventional loan?

Accepted Answer

Yes, but only on rate. Jumbo runs 0.25-0.5% higher than conforming 30-year fixed. Closing costs are similar. The real cost is tighter underwriting and longer timeline. You're paying for portfolio risk the lender carries.

Jumbo 30-year fixed mortgages in Goleta: rates and underwriting for homes above $941K