Question 1

What is the conforming loan limit in Alameda County?

Accepted Answer

The FHFA sets Alameda County's limit annually. Any loan above that threshold requires jumbo financing.

Question 2

Do jumbo loans always have higher rates than conventional?

Accepted Answer

Not always. The gap has narrowed over time. Rates vary by borrower profile and market conditions, so shop multiple lenders.

Question 3

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

Accepted Answer

Most jumbo lenders want 700 or higher. Some go to 680 with compensating factors like strong reserves.

Question 4

Can I use a conventional loan to buy in Fremont?

Accepted Answer

Yes, if your loan amount stays within the conforming limit. Many Fremont purchases exceed that threshold and require jumbo.

Question 5

How much cash reserve do jumbo lenders require?

Accepted Answer

Expect 6 to 12 months of mortgage payments in reserves. Some lenders require more on larger loan amounts.

Question 6

Is PMI required on jumbo loans?

Accepted Answer

Most jumbo lenders avoid PMI by requiring larger down payments. Conventional loans can carry PMI if you put down less than 20%.

Conventional vs Jumbo Loans in Fremont, CA