Can you buy a home in Beverly Hills with 10% down?

Sometimes, yes. Certain jumbo programs allow 10% down on loan amounts up to roughly $1.5 to $2 million, but they require excellent credit, usually 720 or higher, and substantial cash reserves. On most Beverly Hills homes that price above those loan limits, expect to put down 20% or more.

What credit score do you need for a jumbo loan in Los Angeles?

Most jumbo lenders in Los Angeles County want a minimum score around 700, prefer 720, and reserve their best rates for 740 and above. Scores as low as 680 can qualify with compensating factors like a larger down payment or strong reserves, but the terms are less favorable.

Do you pay PMI on a jumbo loan?

Usually not. Jumbo loans typically do not carry private mortgage insurance, even with less than 20% down. Lenders account for that risk through higher credit, reserve, and rate requirements instead, so the trade-off shows up in qualification standards rather than a monthly PMI line.

How much are closing costs on a home in the Hollywood Hills?

Closing costs for a buyer in this price range generally run about 2 to 4% of the purchase price, covering lender fees, title, escrow, and prepaids. On a $3.2 million home, that's roughly $64,000 to $128,000, separate from your down payment and required reserves.

Is a bigger down payment always better?

Not necessarily. A larger down payment lowers your loan balance and can improve your rate, but tying up too much cash can leave you short on the reserves lenders require and the flexibility you may want after closing. The right balance depends on your full financial picture, which is worth modeling before you commit.