Question 1

What is the conforming loan limit in San Bernardino County?

Accepted Answer

The FHFA sets conforming limits annually. Any loan above that limit in San Bernardino County requires jumbo financing.

Question 2

Are jumbo loan rates higher than conventional rates?

Accepted Answer

Not always. Jumbo rates depend heavily on your credit score and loan size. Rates vary by borrower profile and market conditions.

Question 3

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

Accepted Answer

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

Question 4

Do conventional loans require mortgage insurance?

Accepted Answer

PMI applies when you put less than 20% down. It drops off once you reach 20% equity in the home.

Question 5

Which loan type closes faster in Fontana?

Accepted Answer

Conventional loans typically close faster. Jumbo underwriting is more manual and takes longer to complete.

Conventional vs Jumbo Loans in Fontana, CA