Question 1

What is the conforming loan limit in Alameda County?

Accepted Answer

Alameda County qualifies for a high-cost conforming limit set by the FHFA. Any loan above that limit requires jumbo financing.

Question 2

Are jumbo rates higher than conventional rates right now?

Accepted Answer

Not always. Jumbo and conventional rates have been close. Rates vary by borrower profile and market conditions — get quotes for both.

Question 3

Can I put 10% down on a jumbo loan?

Accepted Answer

Some lenders allow it, but most jumbo programs want 20% down. Strong credit and reserves can open up lower down payment options.

Question 4

Do conventional loans have mortgage insurance?

Accepted Answer

Yes, if you put less than 20% down. PMI cancels once you reach 20% equity — unlike FHA mortgage insurance.

Question 5

Which loan is faster to close in Union City?

Accepted Answer

Conventional loans typically close faster. Jumbo loans require more documentation review and lender scrutiny, which adds time.

Question 6

Can a self-employed borrower get a jumbo loan?

Accepted Answer

Yes, but expect full documentation — two years of tax returns and business financials. Lenders scrutinize self-employed income closely on jumbo files.

Conventional vs Jumbo Loans in Union City, CA