Question 1

What is the conforming loan limit in Alameda County?

Accepted Answer

Alameda County qualifies for high-cost area limits set by the FHFA. Loans above that threshold require jumbo financing.

Question 2

Do jumbo loans have higher rates than conventional?

Accepted Answer

Not always. Jumbo rates can be competitive, but they vary more by lender. Rates vary by borrower profile and market conditions.

Question 3

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

Accepted Answer

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

Question 4

Can I put less than 20% down on a jumbo loan?

Accepted Answer

Some lenders allow 10% down on jumbo loans. Expect higher rates and stricter reserve requirements at lower down payments.

Question 5

Is conventional or jumbo harder to get approved for?

Accepted Answer

Jumbo is harder. Manual underwriting means every file gets scrutinized. Income, assets, and credit all need to be clean.

Question 6

How long does a jumbo loan take to close?

Accepted Answer

Jumbo loans typically take longer than conventional — plan for 30-45 days. Manual review adds time to the process.

Conventional vs Jumbo Loans in San Leandro