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Santa Clara sits at the heart of Silicon Valley. Most homes here price well above the conforming loan limit.
That limit — set by the FHFA — caps what Fannie Mae and Freddie Mac will back. Anything above it is a jumbo loan.
700+
Min Credit Score
10–20% typical
Down Payment
12 months
Cash Reserves
30–45 days
Approval Timeline
Fixed or ARM
Rate Type
Jumbo lenders set their own rules. Most want a 700+ credit score, though some go to 680 with strong assets.
Expect to show 12 months of reserves. That means cash or liquid assets equal to a year of mortgage payments.
No two jumbo lenders price the same. One bank might charge a full point more than a wholesale lender for identical credit.
We shop jumbo paper across 200+ wholesale lenders. That spread in pricing is real money on a $2M loan.
Tech employees in Santa Clara often have RSUs, bonuses, and stock options. Not every lender knows how to count that income.
Find a lender who handles equity comp regularly. The wrong underwriter will haircut your income — and kill your purchase price.
If you're on the edge of the conforming limit, run both options. A conforming loan with MI can beat a jumbo on rate.
ARMs and interest-only loans are common tools in this price range. They lower your payment — but carry risk if rates rise.
Santa Clara has dense competition — offers move fast. Jumbo pre-approval letters need to be airtight before you bid.
Some sellers in Silicon Valley scrutinize financing. A fully underwritten pre-approval carries more weight than a basic letter.
Most jumbo lenders require 700 or higher. Some programs allow 680 with significant cash reserves and low debt.
Most lenders require at least 10-20% down. Larger down payments often unlock better rates and fewer reserve requirements.
Yes, but lender policies vary significantly. Some count vested RSUs fully — others discount or exclude them entirely.
Not always. Jumbo rates have traded near or below conforming rates in some cycles. Rates vary by borrower profile and market conditions.
Plan for 30-45 days. Jumbo files require more documentation and often go through manual underwriting, which takes longer.
That depends on how long you plan to hold the property. ARMs start lower but adjust — a broker can model both scenarios.
Jumbo Loans in Santa Clara