Question 1

What is the conforming loan limit in Santa Clara County?

Accepted Answer

Santa Clara County qualifies for high-cost conforming limits set by the FHFA. Loans above that limit are jumbo and follow different rules.

Question 2

Can I get a jumbo loan with 10% down in Morgan Hill?

Accepted Answer

Some jumbo lenders allow 10% down. Expect stricter credit and reserve requirements at that down payment level.

Question 3

Are jumbo rates always higher than conventional rates?

Accepted Answer

Not always. The gap shifts with market conditions. Rates vary by borrower profile and market conditions — shop across lenders.

Question 4

What credit score do I need for a jumbo loan?

Accepted Answer

Most jumbo lenders want 700 or higher. Some require 720+, especially for loan amounts well above the conforming limit.

Question 5

What are cash reserves and why do jumbo lenders care?

Accepted Answer

Reserves are liquid assets you keep after closing. Jumbo lenders typically want 12 months of payments saved — it lowers their risk.

Question 6

Is a conventional loan faster to close than a jumbo?

Accepted Answer

Generally yes. Conventional loans have standardized guidelines. Jumbo loans involve more manual underwriting, which adds time.

Conventional vs Jumbo Loans in Morgan Hill, CA