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 becomes a jumbo loan.

Question 2

Can I get a jumbo loan with less than 20% down?

Accepted Answer

Some jumbo lenders allow 10-15% down, but expect stricter credit requirements. Most want at least 20% to reduce their risk.

Question 3

Are jumbo rates always higher than conventional rates?

Accepted Answer

Not always. Jumbo rates track closely to conventional but vary more by lender. Rates vary by borrower profile and market conditions.

Question 4

What credit score do I need for a conventional loan?

Accepted Answer

Lenders require a minimum 620 credit score for conventional loans. Higher scores get better rates.

Question 5

Do jumbo loans require more cash reserves?

Accepted Answer

Yes. Most jumbo lenders want 12 months of mortgage payments in reserves. Conventional loans typically require far less.

Question 6

Which loan type is harder to qualify for?

Accepted Answer

Jumbo loans are stricter across the board — credit, reserves, and debt ratios. Conventional guidelines are more forgiving for most borrowers.

Conventional vs Jumbo Loans in Hesperia, CA