Question 1

What is the conforming loan limit in San Mateo County?

Accepted Answer

Conforming limits vary by county and change annually. San Mateo County has higher limits than many areas due to elevated home prices. Contact a local lender for current year thresholds.

Question 2

Can I get a jumbo loan with less than 20% down?

Accepted Answer

Some lenders offer jumbo loans with 10-15% down for highly qualified borrowers. Lower down payments typically require excellent credit scores and substantial cash reserves.

Question 3

Are jumbo loan rates higher than conventional rates?

Accepted Answer

Not necessarily. Rates vary by borrower profile and market conditions. Well-qualified borrowers may find competitive jumbo rates comparable to conventional financing.

Question 4

Do both loan types work for investment properties in Burlingame?

Accepted Answer

Yes, both conventional and jumbo loans can finance investment properties. Expect higher down payment requirements and stricter qualification standards for non-owner-occupied homes.

Question 5

How much cash reserves do I need for a jumbo loan?

Accepted Answer

Most lenders require 6-12 months of mortgage payments in liquid reserves for jumbo loans. Higher-priced properties may demand even greater cash cushions for approval.

Conventional vs Jumbo Loans in Burlingame: Which Fits Your Home Purchase?