Question 1

What is the conforming loan limit in Santa Cruz County?

Accepted Answer

FHFA sets conforming limits annually. Any loan above that limit in Santa Cruz County requires jumbo financing.

Question 2

Are jumbo rates higher than conventional rates?

Accepted Answer

Not always. Jumbo rates move on their own. We shop across lenders to find where jumbo is priced favorably for your profile. Rates vary by borrower profile and market conditions.

Question 3

What credit score do I need for a jumbo loan?

Accepted Answer

Most jumbo lenders want 700 or higher. Some go to 680 with strong compensating factors like large reserves.

Question 4

Can I put less than 20% down on a jumbo loan?

Accepted Answer

Some lenders allow 10-15% down on jumbo loans. Expect stricter credit and reserve requirements at lower down payments.

Question 5

Which loan type is faster to close?

Accepted Answer

Conventional loans generally move faster. Jumbo underwriting is more manual and thorough, which adds time.

Question 6

Do both loans work for condos in Santa Cruz?

Accepted Answer

Yes, but condo projects must meet lender approval criteria. Jumbo condo guidelines are typically stricter than conventional.

Conventional vs Jumbo Loans in Santa Cruz, CA