Question 1

What credit score do I need for a jumbo loan in Redwood City?

Accepted Answer

Minimum 700, but 720+ gets you competitive rates. We've closed deals at 680 with large down payments and strong reserves, but expect rate premiums.

Question 2

Can I use stock options as income for a jumbo loan?

Accepted Answer

Yes, but documentation requirements are strict. We need vesting schedules, two years of exercise history, and proof of liquidity. Not all jumbo lenders accept equity compensation.

Question 3

How much should I put down on a Redwood City jumbo loan?

Accepted Answer

20% is standard for best rates. You can go as low as 10% with higher rates and PMI. Anything under 20% requires exceptional credit and reserves.

Question 4

Do jumbo loans have higher interest rates than conforming loans?

Accepted Answer

Not always. Jumbo rates sometimes match or beat conforming rates when lenders compete for quality borrowers. Pricing depends on your full profile and market conditions.

Question 5

How long does jumbo loan approval take in San Mateo County?

Accepted Answer

30-45 days is typical. Complex income structures or multiple properties can add 1-2 weeks. We expedite with lenders who pre-underwrite before full application.

Question 6

Can I get a jumbo loan if I'm self-employed?

Accepted Answer

Yes, but you need two years of tax returns showing stable income. We work with lenders who understand deductions and can reconstruct income for qualifying purposes.

Jumbo Loans in Redwood City: Financing Silicon Valley's Premium Properties