Question 1

What is the conforming loan limit in Rosemead?

Accepted Answer

$806,500 for single-family homes. Anything above that requires a jumbo loan.

Question 2

Can I get a jumbo loan with 10% down?

Accepted Answer

Yes, but expect higher rates and stricter requirements. Most lenders prefer 20% down for best pricing.

Question 3

Do jumbo loans always have higher rates?

Accepted Answer

Not always. Well-qualified borrowers sometimes get better jumbo rates than conventional rates due to lower default risk.

Question 4

What credit score do I need for each loan type?

Accepted Answer

Conventional typically requires 620 minimum. Jumbo lenders usually want 700 or higher for competitive rates.

Question 5

How much in reserves do jumbo lenders require?

Accepted Answer

Most want 6-12 months of mortgage payments in the bank after closing. Some require more for higher loan amounts.

Conventional vs Jumbo Loans in Rosemead: Which Fits Your Budget?