Question 1

What is the jumbo loan limit in Foster City?

Accepted Answer

Jumbo loans begin where conventional loans end. In most of California, that threshold is $806,500. Any mortgage amount above this requires jumbo loan financing.

Question 2

Can I get a jumbo loan with 10% down?

Accepted Answer

Some lenders offer jumbo loans with 10% down for well-qualified borrowers. However, putting 20% down typically improves your rate and approval chances significantly.

Question 3

Are jumbo loan rates higher than conventional rates?

Accepted Answer

Rates vary by borrower profile and market conditions. Jumbo rates can be competitive with conventional rates for borrowers with excellent credit and strong financial profiles.

Question 4

What credit score do I need for each loan type?

Accepted Answer

Conventional loans typically require 620 or higher. Jumbo loans usually need 700 minimum, with many lenders preferring 720 or above for the best terms.

Question 5

Do both loan types work for investment properties in Foster City?

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 purchases.

Conventional vs Jumbo Loans in Foster City: Which Fits Your Bay Area Home Purchase?