Question 1

What is the minimum down payment for a jumbo loan?

Accepted Answer

Most jumbo lenders require 10-20% down. Above $2M, expect 20-25% as a standard requirement.

Question 2

Can I get a jumbo loan with a 680 credit score?

Accepted Answer

Some lenders allow 680, but your rate will be higher. Most competitive jumbo pricing starts at 720 or above.

Question 3

Are jumbo rates higher than conforming rates?

Accepted Answer

Not always. Jumbo rates sometimes track below conforming. It depends on the lender and your profile. Rates vary by borrower profile and market conditions.

Question 4

How long does a jumbo loan take to close?

Accepted Answer

Plan for 30-45 days. Complex income or high loan amounts can push that to 50 days.

Question 5

Do jumbo loans require private mortgage insurance?

Accepted Answer

No. Jumbo loans don't carry PMI. But lenders offset risk through stricter reserves and lower LTV requirements.

Question 6

Can I use gift funds for a jumbo down payment?

Accepted Answer

Some lenders allow it, but most want to see your own funds for at least part of the down payment. Ask us before assuming.

Jumbo Loans in Thousand Oaks, CA