Question 1

What loan amount qualifies as jumbo in Millbrae?

Accepted Answer

Any mortgage exceeding $766,550 for a single-family home requires jumbo financing. This limit applies to most California counties including San Mateo. Investment properties and multi-unit homes have different thresholds.

Question 2

Can I get a jumbo loan with 10% down?

Accepted Answer

Yes, many lenders offer jumbo loans with 10% down for qualified borrowers. Expect higher rates or stricter requirements compared to 20% down. Some lenders require 15-20% depending on loan amount and property type.

Question 3

How long does jumbo loan approval take?

Accepted Answer

Jumbo loans typically take 30-45 days from application to closing. Additional documentation requirements and manual underwriting contribute to longer timelines. Starting pre-approval early prevents delays when you find a property.

Question 4

Do jumbo loans have higher interest rates?

Accepted Answer

Not necessarily. Jumbo rates often match or even beat conforming rates for well-qualified borrowers. Rates vary by borrower profile and market conditions. Strong credit and substantial assets help secure competitive pricing.

Question 5

Can self-employed buyers get jumbo loans in Millbrae?

Accepted Answer

Self-employed borrowers qualify for jumbo loans with proper documentation. Expect to provide 2 years of tax returns, profit and loss statements, and business bank statements. CPAs or tax professionals can help present income effectively.

Jumbo Loans in Millbrae: Financing Your High-Value San Mateo County Home