Question 1

What is the conforming loan limit in Santa Cruz County?

Accepted Answer

The FHFA sets conforming limits annually. Santa Cruz County qualifies as a high-cost area, so limits are above the national baseline — check with us for the current number.

Question 2

Do jumbo loans require mortgage insurance?

Accepted Answer

Most jumbo lenders skip PMI but compensate with higher reserves and stricter credit requirements. A larger down payment often substitutes for insurance.

Question 3

Can I get a jumbo loan with 10% down?

Accepted Answer

Yes, some lenders allow 10% down on jumbo loans with strong credit. Expect to show 12 months of reserves and a credit score above 720.

Question 4

Are conventional loan rates lower than jumbo rates?

Accepted Answer

Conventional rates are usually slightly lower. The gap narrows with excellent credit. Rates vary by borrower profile and market conditions.

Question 5

How long does jumbo loan approval take?

Accepted Answer

Manual underwriting means jumbo files take longer — plan for 30-45 days. Having clean docs and full reserves upfront speeds things up significantly.

Question 6

Which loan is easier to qualify for?

Accepted Answer

Conventional loans have looser requirements overall. Jumbo loans demand higher credit scores, more reserves, and tighter debt-to-income ratios.

Conventional vs Jumbo Loans in Scotts Valley, CA