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in Montclair, CA
Most Montclair buyers land in conventional territory. But some deals push past the conforming limit — and that's where jumbo loans take over.
The line between these two products matters. It affects your rate, your down payment, and how hard underwriting will push back.
Conventional loans stay within FHFA conforming limits. They're not government-backed, but lenders love them because they're easy to sell on the secondary market.
You need at least a 620 credit score. Put down 20% and you skip private mortgage insurance entirely.
Jumbo loans finance properties above the conforming limit. Lenders carry this risk themselves — so they price it accordingly.
Expect a 700+ credit score requirement and 10-20% down at minimum. Reserves matter too. Most lenders want 6-12 months of payments in the bank.
Rates are the first split. Bankrate flagged conventional rates at 6.19% as of March 2026. Jumbo rates can run higher or lower depending on the lender — rates vary by borrower profile and market conditions.
Underwriting is the bigger difference. Conventional files follow Fannie/Freddie guidelines. Jumbo files go under a microscope — lenders set their own rules and they vary widely.
If your loan amount stays below the conforming limit, conventional is the cleaner path. Easier approval, lower reserves, and more lender competition keeps rates honest.
If you're buying above the limit in San Bernardino County, jumbo is your only option. Strong credit, solid income docs, and cash in the bank make that file look good to underwriters.
The FHFA sets conforming limits annually. Any loan above that limit in San Bernardino County requires jumbo financing.
Not always. Some lenders price jumbo competitively for strong borrowers. Rates vary by borrower profile and market conditions.
Some lenders allow 10% down on jumbo. Expect stricter credit and reserve requirements when you go below 20%.
Yes. Both conventional and jumbo loans require a property appraisal. Jumbo appraisals sometimes require two independent valuations.
Conventional is generally easier. It follows standard Fannie/Freddie guidelines that most lenders know cold.
Yes. Most jumbo lenders offer 30-year fixed terms. Adjustable-rate jumbo options also exist and sometimes carry lower initial rates.