Question 1

What is the conforming loan limit in Alameda County?

Accepted Answer

The FHFA sets conforming limits annually. Alameda County is a high-cost area, so its limit is higher than the national baseline.

Question 2

Are jumbo rates higher than conventional rates?

Accepted Answer

Not always. Borrowers with strong credit and low debt ratios sometimes get jumbo rates near or below conventional. Rates vary by borrower profile and market conditions.

Question 3

How much down payment does a jumbo loan require?

Accepted Answer

Most jumbo lenders want 10-20% down. Some programs allow less, but they typically require excellent credit.

Question 4

Can I use gift funds for a jumbo loan down payment?

Accepted Answer

Some jumbo lenders allow gift funds, but many want to see your own assets. Requirements vary by lender.

Question 5

What credit score do I need for a conventional loan in Berkeley?

Accepted Answer

Most conventional programs require a 620 minimum. Better scores get better pricing — 740+ typically gets the best rate tiers.

Question 6

Do jumbo loans take longer to close?

Accepted Answer

They can. More documentation and manual underwriting add time. Plan for extra days compared to a standard conventional file.

Conventional vs Jumbo Loans in Berkeley, CA