Question 1

What counts as a jumbo loan in South San Francisco?

Accepted Answer

Any loan exceeding the conforming limit for San Mateo County qualifies as jumbo. These limits adjust annually and vary by county, so checking current thresholds is essential before starting your search.

Question 2

Do jumbo loans require mortgage insurance?

Accepted Answer

No, jumbo loans do not require mortgage insurance regardless of down payment size. This represents a significant advantage over conventional loans with less than 20% down.

Question 3

Can I use a jumbo loan for investment properties?

Accepted Answer

Yes, jumbo loans work for investment properties, though expect higher rates and larger down payment requirements than primary residences. Most lenders require 20-30% down for investment purchases.

Question 4

How long does jumbo loan approval take?

Accepted Answer

Jumbo loans typically take 30-45 days to close, sometimes longer due to additional documentation requirements and more detailed appraisals. Starting early prevents timeline issues.

Question 5

Are jumbo loan rates higher than conventional rates?

Accepted Answer

Not necessarily. Rates vary by borrower profile and market conditions. Well-qualified borrowers often secure jumbo rates competitive with or better than conventional loan pricing.

Jumbo Loans in South San Francisco: Finance High-Value Bay Area Properties