Question 1

What are the current conforming loan limits in San Mateo County?

Accepted Answer

Conforming loan limits change annually based on FHFA guidelines. San Mateo County typically has higher limits than baseline areas due to its high-cost designation. Contact SRK CAPITAL for current year limits.

Question 2

Can I avoid PMI with a jumbo loan?

Accepted Answer

Yes, jumbo loans don't require PMI since they're portfolio loans held by lenders. However, you'll still need a substantial down payment to qualify, typically 10-20% of the purchase price.

Question 3

Are jumbo loan rates higher than conventional rates?

Accepted Answer

Not necessarily. Rates vary by borrower profile and market conditions. Well-qualified buyers often find competitive jumbo rates, sometimes matching or beating conventional options.

Question 4

How much should I have in reserves for a jumbo loan?

Accepted Answer

Most lenders require 6-12 months of reserves for jumbo loans. The exact amount depends on the loan size, property value, and your overall financial profile.

Question 5

Can I use a jumbo loan for investment property in San Bruno?

Accepted Answer

Yes, jumbo loans work for investment properties, though requirements are stricter. Expect higher down payments, stronger credit requirements, and more cash reserves than primary residence purchases.

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