Question 1

What is the conforming loan limit in Santa Clara County?

Accepted Answer

Santa Clara County qualifies for high-balance conforming limits above the national baseline. Check current Fannie Mae limits before assuming you need jumbo.

Question 2

Can I use RSU income to qualify for a conforming loan in Monte Sereno?

Accepted Answer

Yes, but documentation matters. Lenders need a two-year history and evidence the income will continue.

Question 3

How is a conforming loan different from a jumbo loan?

Accepted Answer

Conforming loans stay within Fannie/Freddie limits and follow their guidelines. Jumbo loans exceed those limits and carry stricter requirements.

Question 4

Do conforming loans require PMI with less than 20% down?

Accepted Answer

Yes. PMI is required below 20% equity, but it cancels automatically once you reach that threshold — unlike FHA mortgage insurance.

Question 5

What credit score do I need for a conforming loan?

Accepted Answer

620 is the typical floor. Scores above 740 get significantly better rate pricing across most lenders.

Question 6

Is a high-balance conforming loan the same as a jumbo loan?

Accepted Answer

No. High-balance conforming still follows Fannie/Freddie guidelines and gets better rates than true jumbo products.

Conforming Loans in Monte Sereno, CA — Know the Limits