Question 1

What is the conforming loan limit in Santa Clara County?

Accepted Answer

It's $1,089,300 for a single-family home. Anything above that requires jumbo financing.

Question 2

Are jumbo rates always higher than conventional rates?

Accepted Answer

Usually, yes. The spread varies by lender. Rates vary by borrower profile and market conditions.

Question 3

How much down payment does a jumbo loan require?

Accepted Answer

Most jumbo lenders want 10-20% down. Strong credit can sometimes get you to the lower end.

Question 4

Can I get a jumbo loan with a 700 credit score?

Accepted Answer

Some lenders allow it, but 720+ gets you better pricing. Below 700 is a tough sell on jumbo.

Question 5

Do jumbo loans take longer to close than conventional?

Accepted Answer

Often yes. Manual underwriting and extra doc review add time. Budget 45-60 days to be safe.

Question 6

Which loan type is more common in Monte Sereno?

Accepted Answer

Jumbo, by far. Home values in this city regularly exceed conforming limits by a wide margin.

Conventional vs Jumbo Loans in Monte Sereno