Question 1

What is the conforming loan limit in San Bernardino County?

Accepted Answer

The FHFA sets limits annually. Any purchase above that limit requires jumbo financing. Check current limits before assuming which loan you need.

Question 2

Do jumbo loans always have higher rates than conventional?

Accepted Answer

Not always. Jumbo rates depend on the lender and your profile. Sometimes jumbo rates run lower than conforming rates.

Question 3

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

Accepted Answer

Some lenders allow 10% down on jumbo. Expect higher rates and stricter reserve requirements when putting less down.

Question 4

What credit score do I need for a conventional loan in Colton?

Accepted Answer

Most conventional lenders require at least 620. Higher scores get better rates. Rates vary by borrower profile and market conditions.

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. This varies by lender and loan size.

Question 6

Can I use a conventional loan for investment properties in Colton?

Accepted Answer

Yes, with limits. Conventional allows investment properties up to 10 financed units. Down payment requirements are higher than for primary residences.

Conventional vs Jumbo Loans in Colton, CA