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Loans above the San Francisco conforming limit
San Francisco Jumbo Loans: Rates, Reserves and Rules
In most of the city, a San Francisco jumbo loan is not the luxury option; it is simply what a house costs. The citywide house median of $2,000,000 needs a $1.6 million loan at 20% down, and only the south and southeast neighborhoods have house medians that a conforming loan can reach. Here is where the line falls, what jumbo lenders want after you have bid over list, and how the city’s transfer tax steps up at $5 million.
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A San Francisco Jumbo Loan Is the Default for a House
San Francisco is at the $1,249,125 high-cost ceiling, and above that a loan is jumbo. With 20% down the cutoff is a price of $1,561,406. SF MLS data for the 12 months ending October 13, 2026 put the citywide house median at $2,000,000, and Compass reported that the March 2026 median of $2.15 million set a record above the April 2022 peak.
The houses that stay conforming are concentrated in a small part of the city: Bayview, Visitacion Valley, Silver Terrace, Oceanview, the Excelsior, Crocker Amazon and Outer Mission, with medians from about $981,500 to $1.2 million, plus Portola at about $1.31 million and Ingleside at about $1.37 million with enough down. North and west of there, nearly every neighborhood’s house median is above the line before you add anything for bidding.
San Francisco Jumbo Mortgage Rates Today, Conforming Alongside
Priced for San Francisco County, October 27, 2026
0.322 points See every option 30-year fixed 7.125% 7.192% APR P&I $4,312/mo on $640,000
0.125 points See every option 15-year fixed 6.375% 6.436% APR P&I $5,531/mo on $640,000
$800 lender credit See every option 30-year FHA 7.250% 7.324% APR P&I $4,366/mo on $640,000
0.187 points See every option 30-year VA 6.750% 6.794% APR P&I $4,151/mo on $640,000
$506 lender credit See every option
Par pricing for a single-family primary residence in San Francisco County: 20% down, 30-year term unless noted, 780+ credit, 30-day lock, escrows included. Payments are principal and interest only; taxes and insurance add to them. Rates change through the day and are not a commitment to lend. Price your own San Francisco scenario, no credit pull.
San Francisco Jumbo Loan Market Insights
Sources: SF MLS data via reinsf.com; Compass August 2026 report; Redfin San Francisco housing market (September 2026); FHFA 2026 limit.
One month of supply is a seller’s market by any measure, and it shows up in jumbo files as appraisal gaps. When the price outruns recent comparable sales, the jumbo lender sizes the loan on the appraisal, and the buyer covers the rest while still meeting the lender’s reserve rules after closing.
Rising prices also push more files over the line. At the Outer Parkside house median of about $1.65 million, a loan stays conforming only with about 24% down or more.
Neighborhoods Where Jumbo Financing Starts
House medians from SF MLS data for the 12 months ending October 13, 2026. Small neighborhoods can swing on a few sales.
Sunset and Parkside
About $1.65 million in Outer Parkside to $2.155 million in the Inner Sunset, 1930s and 1940s row houses that are jumbo even with 20% down.
Richmond District, Bernal Heights, Mission and Potrero Hill
About $2.2 million in the Outer Richmond to $3.2 million in the Inner Richmond, with Bernal Heights near $1.85 million, the Inner Mission near $2.1 million and Potrero Hill near $2.32 million.
Noe Valley, Duboce Triangle and Eureka Valley
About $3.125 million, $3.32 million and $3.75 million (Eureka Valley and Dolores Heights): large jumbo loans where reserves often decide the lender.
Marina, Sea Cliff, Russian Hill, Cow Hollow, Pacific Heights and Presidio Heights
About $5.25 million, $5.275 million, $6.34 million, $7.125 million, $7.6 million and $8.3 million. Each crosses the $5 million transfer tax step.
The table prices five purchases at 20% down, from the citywide condo median, which stays conforming, to a Marina house.
| Price, 20% down | Loan | Loan type in San Francisco County | P&I at 8.125% jumbo (8.207% APR) |
|---|---|---|---|
| $1,275,000 | $1,020,000 | High-balance conforming | Priced as conforming |
| $1,650,000 | $1,320,000 | Jumbo | $9,801/mo |
| $2,000,000 | $1,600,000 | Jumbo | $11,880/mo |
| $3,125,000 | $2,500,000 | Jumbo | $18,562/mo |
| $5,250,000 | $4,200,000 | Jumbo | $31,185/mo |
Principal and interest only, at today’s San Francisco County jumbo par rate. Taxes, insurance, HOA dues and the city transfer tax are extra.
View Condos Cross the Line as Well
The citywide condo median of $1,275,000 is conforming at 20% down, but condos in the northern neighborhoods are priced like houses elsewhere. Pacific Heights condos had a median of about $1.765 million, Marina and Cow Hollow condos about $1.74 million to $1.98 million, and Noe Valley condos about $1.675 million. Those are jumbo condo loans, so the jumbo lender reviews the building under its own rules. Mission Bay and South Beach, at about $1.299 million and $1.275 million, stay high-balance conforming at their medians even with 5% down.
Jumbo Requirements and Reserves After You Bid Over List
The average sale in September 2026 closed about 15% over list. On a jumbo loan, that creates two cash demands at once: any gap between your price and the appraisal, and the reserves the lender wants left over after closing. Typical jumbo norms, which each lender sets for itself:
- Down payment: commonly 10% to 20%, some lenders lower, with better pricing usually at 20%.
- Credit: about 700 at minimum, 740 or more at some lenders, with a few lenders at 680 for a higher rate.
- Reserves: often 6 to 12 months of the full payment in liquid funds after closing.
- Debt-to-income: usually 43% or lower.
- Documentation: full documentation, with two years of returns and a profit and loss statement for the self-employed.
Decide how much of your cash is set aside for an appraisal gap and how much for post-closing reserves before you decide the down payment. A buyer who puts every dollar into the down payment can find that an appraisal shortfall leaves too little in reserves to close. Mike works the numbers backward from your cash, across multiple jumbo lenders, before you write an offer.
Carrying Cost at the Noe Valley House Median
Jumbo lenders qualify on the full payment. The property tax base is 1% of the purchase price under Proposition 13 plus voter-approved bonds and direct charges; we could not confirm the city’s total 2025-26 rate, so use the seller’s actual bill. Earthquake is the dominant hazard, and earthquake coverage on a house at this price is a separate quote worth getting before you remove contingencies.
California property tax starts at 1% of the purchase price under Proposition 13, plus voter-approved bonds and any special assessments on the parcel, so the real bill varies by street. Insurance depends on the home, its fire and flood exposure and the carrier. These are estimates for budgeting, not quotes. Run your own numbers.
The $5 Million Step, and Prop I Above $10 Million
The city transfer tax applies one rate to the entire price based on its tier: 0.75% from $1 million to under $5 million, then 2.25% from $5 million to under $10 million, 5.5% from $10 million to under $25 million and 6.0% above that. That makes $5 million a hard step. A $4,950,000 Marina sale owes about $37,125; a $5,050,000 sale owes about $113,625. On a $3.125 million Noe Valley house, the tax is about $23,438. Who pays is part of the contract.
Proposition I on the November 3, 2026 ballot would keep total rates where they are but split the $10 million and higher tiers into the existing tax plus a new portion restricted to affordable housing, preservation and tenant protection, and would bar the Board of Supervisors from lowering the tax without voters. Sales under $10 million would not change, and a separate push to lower the top rates, the BUILD Act, stalled in June 2026.
Self-Employed Buyers, Split Loans and Owners With Equity
Founders and business owners whose tax returns show less than their real income can do better with a non-QM loan that qualifies on bank statements, usually at a higher rate and with more down. Buyers who want conforming rules on most of the debt can pair a first mortgage at the $1,249,125 limit with a closed-end second mortgage. If you already own a house with a low-rate jumbo on it, a San Francisco HELOC up to $800,000 keeps that loan in place, with rates from 7.49% APR, variable. The jumbo loan guide covers the product in depth, and the San Francisco mortgage broker page covers conforming purchases.
How a San Francisco Jumbo Loan Gets to Closing
- Split your cashMike divides it into down payment, appraisal cushion and post-closing reserves before you pick a price ceiling.
- Price several jumbo lendersSame file, same day, with a split first and second priced alongside.
- Underwrite before you bidIncome, assets and reserves verified, so the approval holds up against competing offers.
- AppraisalA local appraiser; larger loans sometimes need a second report.
- Lock and closeLock on acceptance, sign electronically or with a mobile notary, and San Francisco escrow records the loan.
San Francisco Jumbo Loan FAQs
Which San Francisco neighborhoods can still use a conforming loan for a house?
Mainly the south and southeast. For the 12 months ending October 13, 2026, house medians were about $615,000 in Bayview Heights, $981,500 in Bayview, $1.05 million in Visitacion Valley, $1.14 million in the Excelsior and $1.2 million in Outer Mission. With 20% down, any price under about $1,561,406 stays within the $1,249,125 limit.
How much should I keep in reserves for a San Francisco jumbo loan?
Jumbo lenders often want 6 to 12 months of the full payment in liquid funds after closing. Because sales averaged about 15% over list in September 2026, also set aside cash for a possible appraisal gap. Plan both before you set the down payment, so a low appraisal does not leave you short of required reserves.
Does Prop I change the transfer tax on my San Francisco home?
Almost certainly not. Proposition I, on the November 3, 2026 ballot, only restructures the tiers at $10 million and above and keeps total rates the same. It has not passed. Homes under $10 million pay the existing rates: 0.75% of the full price from $1 million to under $5 million, and 2.25% from $5 million to under $10 million.
Are San Francisco condos jumbo loans?
The citywide condo median of $1,275,000 is not: 20% down leaves about $1.02 million, high-balance conforming. Condos in Pacific Heights, the Marina, Cow Hollow and Noe Valley, with medians from about $1.675 million to $1.98 million, usually are. A jumbo lender reviews the building under its own rules.
What is the smallest down payment on a San Francisco jumbo loan?
Some lenders offer jumbo loans with 10% down, generally with higher credit, more reserves and a higher rate than at 20% down. In a market where you may also need cash for an appraisal gap, a smaller down payment can be the safer choice. Mike can price several jumbo lenders on the same file.
Do jumbo loans in the city carry higher rates than conforming loans?
Sometimes, but not as a rule. Jumbo sheets are written lender by lender, so a borrower with deep reserves and a strong score may see a jumbo quote at or under a high-balance conforming one. The spread between lenders is wider on jumbos, which is why same-day comparison pays.
Can stock compensation help me qualify?
Often. Jumbo lenders can count RSU income with a history of vesting, and vested shares can count toward reserves at a discount. Policies vary widely, so compare lenders before you rely on equity pay.
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Price a San Francisco Jumbo Loan Before You Bid
Send the neighborhood, price range and your total cash. Mike will split it into down payment, appraisal cushion and reserves, and price jumbo options with us and against other wholesale lenders, usually the same business day.
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