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

Is the jumbo rate always higher than conventional?

Accepted Answer

Not always. Some lenders price jumbo competitively for strong borrowers. 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. Expect stricter credit and reserve requirements when you go below 20%.

Question 4

Do both loan types require an appraisal?

Accepted Answer

Yes. Both conventional and jumbo loans require a property appraisal. Jumbo appraisals sometimes require two independent valuations.

Question 5

Which loan is easier to qualify for?

Accepted Answer

Conventional is generally easier. It follows standard Fannie/Freddie guidelines that most lenders know cold.

Question 6

Can I get a 30-year fixed on a jumbo loan?

Accepted Answer

Yes. Most jumbo lenders offer 30-year fixed terms. Adjustable-rate jumbo options also exist and sometimes carry lower initial rates.

Conventional vs Jumbo Loans in Montclair, CA