Question 1

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

Accepted Answer

Principal and interest run $6,863 per month on a $1.1M loan at 6.375% APR. That's before property taxes, insurance, and HOA fees. The rate assumes 80% LTV, 740 FICO, and 0.472 discount points ($5,193 upfront).

Question 2

Do I need 20% down for a jumbo loan?

Accepted Answer

Yes. Most jumbo lenders require 20% down minimum. On a $1.375M purchase, that's $275,000. Some portfolio lenders go 15% down, but expect higher rates and stricter reserves.

Question 3

What credit score do I need for jumbo?

Accepted Answer

740 FICO is the floor for most jumbo programs. Some lenders go 720 with strong reserves and income. Below 740, you'll pay higher rates or get denied. Jumbo underwriting is stricter than conventional.

Question 4

How much in reserves do I need?

Accepted Answer

Six months of housing payment (principal, interest, taxes, insurance) is standard. On a $1.375M property in Siskiyou, that's roughly $50,000–$60,000 in liquid assets after down payment.

Question 5

How long does a jumbo loan take to close?

Accepted Answer

45–60 days is typical in rural California. Appraisals take longer on unique properties. Full documentation and employment verification add time. Conventional loans close in 30–40 days.

Jumbo 30-Year Fixed Mortgages in Montague, CA