Question 1

What is the conforming loan limit in San Diego County?

Accepted Answer

The FHFA sets conforming limits annually. San Diego County qualifies as a high-cost area, so limits are higher than the national baseline.

Question 2

Are jumbo rates always higher than conventional rates?

Accepted Answer

Not always. Jumbo rates fluctuate independently. Strong borrowers sometimes land lower jumbo rates than conforming — shop both.

Question 3

How much do I need down for a jumbo loan in El Cajon?

Accepted Answer

Most jumbo lenders require 10-20% down. Some portfolio lenders go lower, but expect stricter credit and reserve requirements.

Question 4

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

Accepted Answer

Some lenders allow it, but options narrow significantly. Most jumbo programs want 700 or above for competitive terms.

Question 5

What counts as reserves for a jumbo loan?

Accepted Answer

Reserves are liquid assets left after closing — think checking, savings, or investments. Lenders typically want 12+ months of mortgage payments.

Question 6

Which loan is faster to close — conventional or jumbo?

Accepted Answer

Conventional typically closes faster. Jumbo requires more manual underwriting, which adds time to the process.

Conventional vs Jumbo Loans in El Cajon, CA