Question 1

What is the conforming loan limit in Alameda County?

Accepted Answer

The FHFA sets conforming limits annually. Any loan above that limit in Alameda County is classified as jumbo.

Question 2

Are jumbo rates higher than conventional rates?

Accepted Answer

Not always. Jumbo rates can be close to conventional rates. Rates vary by borrower profile and market conditions.

Question 3

How much do I need to put down on a jumbo loan?

Accepted Answer

Most jumbo lenders want 10-20% down. Strong credit and reserves can sometimes allow the lower end of that range.

Question 4

Can I get a conventional loan for an Albany home?

Accepted Answer

Yes — if your loan amount stays under the conforming limit. Many Albany purchases exceed it, pushing buyers into jumbo.

Question 5

What credit score do I need for a jumbo loan?

Accepted Answer

Most jumbo lenders require 700 or above. Some go higher depending on loan size and down payment.

Question 6

Does PMI apply to jumbo loans?

Accepted Answer

Typically no. Most jumbo lenders require enough equity at purchase that PMI isn't triggered.

Conventional vs Jumbo Loans in Albany, CA