Question 1

What is the conforming loan limit in San Bernardino County?

Accepted Answer

The FHFA sets conforming limits annually for each county. Any loan above that limit in San Bernardino County is considered jumbo.

Question 2

Can I get a jumbo loan with a 680 credit score?

Accepted Answer

Most jumbo lenders want 700 or higher. A 680 score may work with some portfolio lenders, but expect tighter terms.

Question 3

Do conventional loans require mortgage insurance?

Accepted Answer

Only if you put down less than 20%. PMI drops off once you hit 20% equity in the home.

Question 4

Are jumbo loan rates higher than conventional rates?

Accepted Answer

Not always. Jumbo rates are set by individual lenders and can beat conforming rates for strong borrowers. Rates vary by borrower profile and market conditions.

Question 5

How much do I need in reserves for a jumbo loan?

Accepted Answer

Most lenders require 12 months of mortgage payments in liquid reserves. Some go higher depending on the loan size.

Question 6

Which loan closes faster in Highland?

Accepted Answer

Conventional loans typically close faster. Jumbo underwriting is more manual and takes longer due to stricter review.

Conventional vs Jumbo Loans in Highland, CA