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Santa Clara County home prices push well past conforming loan limits. In Milpitas, that means many buyers need jumbo financing just to close a standard deal.
Jumbo loans cover any amount above the FHFA conforming limit. In a market like Milpitas, that threshold gets crossed fast.
700+ preferred
Min Credit Score
10-20% typical
Down Payment
6-12 months
Cash Reserves
43-45%
Max DTI
30-45 days
Close Timeline
Jumbo Loans in Milpitas
Most jumbo lenders want a 700+ credit score. Some go to 680, but you'll pay for it in rate. Below 700, your options shrink fast.
Expect to document everything. Two years of tax returns, 60 days of bank statements, and reserves covering 6-12 months of payments are standard.
Local decision guide
Use this guide to connect jumbo loans eligibility, lender expectations, and local market factors before comparing payment options in Milpitas.
Santa Clara County home prices push well past conforming loan limits. In Milpitas, that means many buyers need jumbo financing just to close a standard deal.
Jumbo loans cover any amount above the FHFA conforming limit. In a market like Milpitas, that threshold gets crossed fast.
Most jumbo lenders want a 700+ credit score. Some go to 680, but you'll pay for it in rate. Below 700, your options shrink fast.
Big banks dominate jumbo lending, but their rates aren't always competitive. Portfolio lenders and wholesale channels often beat them on pricing.
As a broker with access to 200+ wholesale lenders, we see jumbo pricing vary widely for the same borrower profile. Shopping matters here more than on conforming loans.
Tech workers in Milpitas with RSU income get tripped up on jumbo qualification. Lenders treat unvested RSUs differently. Know this before you apply.
Down payment matters beyond just LTV. Jumbo lenders at 80% LTV price better than 85%. That extra 5% down can move your rate meaningfully.
An ARM can make sense on a jumbo. If you're in Milpitas for 7 years before upsizing, a 7/1 ARM saves real money versus a 30-year fixed.
Interest-only jumbo loans exist and work for high-income borrowers who want lower early payments. They're not for everyone, but in this market they're worth knowing about.
Milpitas has dense tech employment — Cisco, Lam Research, and the broader Silicon Valley corridor. Jumbo borrowers here often have complex comp structures that require the right lender.
Santa Clara County's property tax basis resets on purchase. On a jumbo purchase, budget carefully for the new tax bill. It affects your qualifying DTI.
Santa Clara County qualifies for high-balance conforming limits set by the FHFA. Any loan above that limit is jumbo and follows different guidelines.
Most jumbo lenders require 10-20% down. At 20% down, you get the best pricing and avoid private mortgage insurance entirely.
Some lenders count vested RSUs. Others require a two-year history of RSU income. Lender selection matters a lot for tech compensation structures.
Not always. Jumbo rates sometimes match or beat conforming rates for strong borrower profiles. Rates vary by borrower profile and market conditions.
Jumbo loans take longer than conforming — plan for 30-45 days. Complex income or large asset portfolios can push that further.
Yes. We shop jumbo programs across 200+ wholesale lenders to find the best fit for your income type, down payment, and timeline.