Question 1

What is the conforming loan limit in Santa Clara County?

Accepted Answer

Santa Clara County is a high-cost area with elevated conforming limits set by FHFA. Check current limits before assuming you need a jumbo loan.

Question 2

Can I use RSU income to qualify for a conforming loan in Santa Clara?

Accepted Answer

Yes, but lenders want a two-year history of receiving RSUs. Inconsistent vesting schedules can complicate the income calculation.

Question 3

How is a conforming loan different from a conventional loan?

Accepted Answer

All conforming loans are conventional, but not all conventional loans are conforming. Jumbo loans are conventional but exceed Fannie and Freddie limits.

Question 4

Does PMI go away on a conforming loan?

Accepted Answer

Yes. Once you reach 20% equity, you can request PMI cancellation. It drops off automatically at 22% under federal law.

Question 5

Is a conforming loan a good fit for Santa Clara home prices?

Accepted Answer

It depends on the purchase price. High-cost limits help, but many Santa Clara homes push buyers into jumbo territory regardless.

Question 6

What credit score gets the best conforming loan rate?

Accepted Answer

740 and above hits the top pricing tier for Fannie Mae and Freddie Mac. Scores below 700 will cost you in rate adjustments.

Conforming Loans in Santa Clara, CA