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 jumbo 30-year fixed, principal and interest run $6,863/month. That's before property tax, insurance, and HOA.

Question 2

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

Accepted Answer

Yes. Jumbo lenders require 20% down minimum. On a $1.375M purchase, that's $275,000. Some portfolio lenders may go to 15% down with exceptional credit and reserves, but 20% is the standard floor.

Question 3

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

Accepted Answer

Most jumbo lenders start at 700 FICO. Competitive rates like the 6.375% shown here typically require 740+. Below 700, you'll face rate penalties or outright denial.

Question 4

How much in reserves do jumbo lenders require?

Accepted Answer

Jumbo lenders typically want 6–12 months of liquid reserves after closing. On a $1.1M loan, that's roughly $41K–$82K in savings beyond your down payment and closing costs.

Question 5

Why is the jumbo rate higher than conventional?

Accepted Answer

Jumbo loans carry more risk for lenders — larger balance, fewer buyers, tighter underwriting. The 6.375% rate here reflects a 0.25–0.5% premium over conforming 30-year fixed rates. You pay for access to the jumbo market.

Jumbo 30-year fixed mortgages in Wheatland: $1.1M+ loans for premium properties