Question 1

What is the conforming loan limit in San Benito County?

Accepted Answer

FHFA sets conforming limits annually. Check the current limit for San Benito County — anything above it requires a jumbo loan.

Question 2

Do jumbo loans always have higher rates than conventional?

Accepted Answer

Not always. Jumbo rates vary by lender and borrower profile. Rates vary by borrower profile and market conditions.

Question 3

What credit score do I need for a jumbo loan?

Accepted Answer

Most jumbo lenders want 700 or higher. Some go to 720 depending on loan size and down payment.

Question 4

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

Accepted Answer

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

Question 5

How many months of reserves do jumbo lenders require?

Accepted Answer

Most jumbo lenders want 6 to 12 months of mortgage payments in reserves. Conventional loans often require far less.

Question 6

Is a conventional loan or jumbo loan faster to close?

Accepted Answer

Conventional loans typically close faster. Jumbo underwriting is more manual and takes additional review time.

Conventional vs Jumbo Loans in Hollister, CA