Question 1

What's the jumbo loan limit in Grover Beach?

Accepted Answer

Conforming limits for San Luis Obispo County determine where jumbo starts. Any loan exceeding that threshold requires jumbo financing. Limits adjust annually based on housing prices.

Question 2

Can I get a jumbo loan with 10% down?

Accepted Answer

Yes, but expect higher rates and stricter requirements. Most lenders prefer 20% down on jumbo loans. Lower down payments mean increased scrutiny on credit and reserves.

Question 3

How do jumbo rates compare to conforming rates right now?

Accepted Answer

Jumbo rates typically run 0.25-0.75% above conforming rates. Strong credit and significant reserves can narrow that spread. Rates vary by borrower profile and market conditions.

Question 4

Do I need perfect credit for a jumbo loan?

Accepted Answer

No, but 700+ credit gives you better options. Some lenders approve 680 scores with strong compensating factors like large down payments or excellent reserves.

Question 5

Why shop lenders for a jumbo loan in Grover Beach?

Accepted Answer

Jumbo pricing varies dramatically between lenders. On a $1.5 million loan, a 0.5% rate difference costs $90,000 over 30 years. Shopping saves real money at this loan size.

Jumbo Loans in Grover Beach: Financing Coastal Properties Above Conforming Limits