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 is considered jumbo.

Question 2

Do jumbo loans always have higher rates than conventional?

Accepted Answer

Not always. Jumbo rates vary by lender and borrower profile. Rates vary by borrower profile and market conditions.

Question 3

What credit score do I need for a jumbo loan?

Accepted Answer

Most jumbo lenders want 700 or higher. Some go to 680, but you'll face tighter terms.

Question 4

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

Accepted Answer

Some lenders allow 10% down on jumbo. Expect higher rates and stricter reserve requirements at that tier.

Question 5

Is conventional or jumbo harder to get approved for?

Accepted Answer

Jumbo is harder. No government backing means lenders self-insure the risk with tighter qualification standards.

Question 6

How many months of reserves do jumbo lenders require?

Accepted Answer

Most jumbo lenders require 6-12 months of mortgage payments in reserves. Conventional often requires far less.

Conventional vs Jumbo Loans in San Bernardino