Home / Areas we serve / San Jose / Jumbo loans
Loans above the Santa Clara County limit
San Jose Jumbo Loans and Jumbo Mortgage Rates Above the Limit
A San Jose jumbo loan starts the moment a one-unit loan passes $1,249,125. Santa Clara County already sits at the high-cost ceiling, so there is no wider high-balance band to grow into. Here the line runs almost exactly through the median single-family home, and typical homes in Almaden Valley, Silver Creek, Willow Glen and Rose Garden are well past it.
Price my jumbo loan Jumbo rates today
The Median House Sits on the San Jose Jumbo Loan Line
Jumbo is about the loan amount, not the price, so start with the arithmetic. MLSListings put the September 2026 single-family median at $1,568,888. With 20% down, the loan is about $1,255,000, a few thousand dollars over the $1,249,125 limit. With 21% down, it is conforming. The typical house buyer is not choosing between a modest loan and a jumbo; they are choosing between a high-balance conforming loan at the very top of the band and a jumbo just above it.
That is the best possible place to compare. At the edge you can price the same purchase three ways: a slightly larger down payment that stays conforming, a standard 20% down jumbo, and a jumbo with less down. Jumbo lenders write their own rate sheets, and for strong borrowers a jumbo can price at or below high-balance conforming on a given day. The cutoff at exactly 20% down is a price of $1,561,406, and Mike will run the file on both sides of it, with us and, when it helps, against other wholesale lenders.
San Jose Jumbo Mortgage Rates and High-Balance Rates Today
Priced for Santa Clara 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 Santa Clara 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 Jose scenario, no credit pull.
Upper-Tier Market Insights for Santa Clara County
Sources: MLSListings San Jose (September 2026); Redfin neighborhood data for Almaden Valley and Silver Creek; FHFA 2026 limit.
The upper tier eased along with the rest of the city. Almaden Valley’s median was down 6.1% from a year earlier and the single-family median down 4.9%, yet houses still went under contract in about two weeks. A jumbo buyer in that environment needs an underwritten approval and verified reserves before the first showing, because the seller will not wait for a lender to discover a documentation problem.
Lower prices also shift files across the line. A buyer who needed a jumbo for a Blossom Valley house a year ago may find the same house now fits a high-balance conforming loan at 20% down.
Neighborhoods Where a San Jose Jumbo Loan Is Likely
Silver Creek
Newer hillside and gated homes in the southeast, with a Redfin median of about $2.69 million in August 2026. That figure rests on only 16 sales, so treat it as a rough guide, and note that the median itself is above the Measure E threshold.
Almaden Valley
Larger 1960s to 1980s homes in the southwest foothills, about $2.04 million for the three months ending September 2026, just under the Measure E line.
Rose Garden and Cambrian
Early 20th century homes near the Municipal Rose Garden, about $2.5 million on a small January 2025 sample, and mid-century ranch homes in Cambrian near $1.86 million as of February 2025. Both figures are dated.
Willow Glen
Older homes and several Eichler tracts near downtown, with a Zillow typical value of about $1.75 million in September 2026.
Blossom Valley
1960s and 1970s tracts at about $1.54 million in June 2026, right at the edge: jumbo with less than about 19% down.
The table prices five purchases at 20% down, from a home that stays conforming to the Silver Creek median. The second row lands exactly on the limit.
| Price, 20% down | Loan | Loan type in Santa Clara County | P&I at 8.125% jumbo (8.207% APR) |
|---|---|---|---|
| $1,450,000 | $1,160,000 | High-balance conforming | Priced as conforming |
| $1,561,406 | $1,249,125 | High-balance conforming | Priced as conforming |
| $1,750,000 | $1,400,000 | Jumbo | $10,395/mo |
| $2,040,000 | $1,632,000 | Jumbo | $12,118/mo |
| $2,690,000 | $2,152,000 | Jumbo | $15,979/mo |
Principal and interest only, at today’s Santa Clara County jumbo par rate. Taxes, insurance, HOA dues and transfer taxes are extra.
Measure E: A Transfer Tax Cliff at $2.3 Million
San Jose’s Measure E, approved by voters on March 3, 2020, charges a transfer tax on the full price of sales over a threshold: 0.75% from $2,300,000.01 to $5,000,000, 1.0% from $5,000,000.01 to $10,000,000, and 1.5% above that. Because it applies to the whole price rather than the excess, the step is abrupt. A $2,300,000 sale owes no Measure E; a $2,310,000 sale owes about $17,325. The threshold started at $2 million and is indexed every five years; it moved to $2.3 million on July 1, 2025. That is on top of the base city conveyance tax of $3.30 per $1,000 and the county’s $1.10 per $1,000. Who pays is negotiated, and near the threshold it can shape where buyers and sellers settle on price.
Ballot watch: Proposition 43 on the November 3, 2026 statewide ballot would require a two-thirds vote for future voter-initiated local special taxes starting January 1, 2027. Press coverage describes it as keeping already approved taxes in place, and a broader initiative that would have undone Measure E did not make the ballot.
What a Jumbo Lender Asks For in Santa Clara County
A jumbo cannot be sold to Fannie Mae or Freddie Mac, so the lender or a private investor keeps the risk, and the rules show it. Market norms, which each lender adjusts:
- Down payment: commonly 10% to 20%, some lenders at 5% to 10%, with better pricing usually at 20%.
- Credit: about 700 at minimum, 740 or higher at some lenders, a few at 680 for a higher rate.
- Reserves: often 6 to 12 months of the full payment in liquid assets after closing.
- Debt-to-income: usually 43% or lower.
- Documentation: full documentation, including two years of returns and a profit and loss statement for the self-employed.
Reserves are often the binding constraint at these payment sizes. If much of your wealth is in company stock or retirement accounts, ask how each lender counts it; our West San Jose broker page covers qualifying on tech compensation. Business owners with heavy write-offs may do better with a non-QM loan on bank statements, and the jumbo loan guide covers the product in depth.
Carrying Cost at the Almaden Valley Median
Jumbo lenders qualify you on the full payment, so taxes and insurance carry real weight at $2 million. The base is 1% of the price under Proposition 13 plus voter-approved debt and direct charges; we could not confirm the current total rate for San Jose tax rate areas, so read the seller’s bill. Silver Creek and Evergreen foothill properties carry moderate wildfire risk in First Street data shown on Redfin, which can raise premiums, and earthquake coverage is worth pricing on a home this size.
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.
Two Loans Instead of One, and Equity Above the Line
Splitting the debt is sometimes cheaper than one big loan. Borrow $1,249,125 on a high-balance conforming first and put a closed-end second mortgage behind it, and most of the money follows Fannie Mae and Freddie Mac rules, which can help a buyer short on jumbo reserves. An adjustable-rate jumbo is another option for someone who expects to sell or refinance before the fixed period ends. The blended rate on a split loan can beat a single San Jose jumbo loan one week and lose to it the next, so ask for both quotes on the same day.
Owners who already carry a large first mortgage at a rate far below today’s can borrow without touching it. A San Jose HELOC of up to $800,000 sits behind that loan instead of repricing it, with rates from 7.49% APR, variable. If your purchase falls in the conforming range after all, the San Jose mortgage broker page covers those loans.
How a San Jose Jumbo Moves to Closing
- Price both sidesSend the price and down payment; Mike prices high-balance conforming, a 20% down jumbo and a split first and second.
- Document reservesBrokerage, retirement and vested stock statements, so each lender’s reserve count is known up front.
- Underwritten approvalIncome and assets reviewed before the offer, which matters when houses sell in about two weeks.
- AppraisalA Santa Clara County appraiser; some jumbo lenders require a second report on larger loans.
- Lock and closeLock for the escrow length, sign electronically or with a mobile notary, and local escrow records it.
San Jose Jumbo Loans: Questions People Ask
At what loan amount is a San Jose mortgage jumbo?
Above $1,249,125 for a one-unit home in 2026, the Santa Clara County conforming limit and the national high-cost ceiling. With 20% down, any price above about $1,561,406 needs a jumbo loan. The September 2026 single-family median of $1,568,888 sits just over that, so a median-priced house with 20% down is within a few thousand dollars of the line.
Does Measure E apply to my San Jose purchase?
Only if the price is over $2,300,000. Then the tax is 0.75% of the entire price up to $5 million, 1.0% from $5 million to $10 million and 1.5% above $10 million. A $2.4 million sale owes about $18,000. It is separate from the base city conveyance tax and the county tax, and who pays is negotiated.
How much do I need in reserves for a San Jose jumbo loan?
Commonly 6 to 12 months of the full mortgage payment in liquid funds after the down payment and closing costs. On an Almaden Valley or Silver Creek loan that can mean well over $100,000. Lenders differ on how they count retirement accounts and vested stock, so compare before you assume a figure.
Is 10% down enough for a San Jose jumbo?
Some lenders offer jumbo loans with 10% down and a few with less, usually with higher scores, more reserves and a higher rate than at 20% down. Another route is a high-balance first mortgage with a second loan behind it. Because Alameda is a direct lender that can also broker, Mike can price those options on the same file and the same day.
Does a San Jose jumbo loan always price above conforming?
Not always. Each jumbo lender sets its own sheet, and for borrowers with strong credit and reserves a jumbo can price at or below a high-balance conforming loan on some days. Because the median house with 20% down sits near the limit, price both before choosing a down payment.
Will Proposition 43 change San Jose transfer taxes?
Proposition 43 is on the November 3, 2026 statewide ballot and would require a two-thirds vote for future voter-initiated local special taxes beginning January 1, 2027. Coverage describes it as leaving already approved taxes such as Measure E in place. Until the results are certified, plan on the current Measure E tiers.
Can I use RSUs to qualify for a jumbo?
Often, if the vesting history and the remaining schedule meet the lender’s rules; vested shares can also count toward reserves at a discount. Policies differ widely between jumbo lenders, which is a strong reason to compare several before you rely on stock income.
What Clients Say About Working With Mike
★★★★★
The process went smoothly and very quickly
★★★★★
Everthing was explained in detail and answered all my questions.
★★★★★
Mike had great communication and knows how to get things done.
More San Jose Home Loan Guides
Nearby Bay Area and Northern California Cities
Price a San Jose Jumbo Loan Both Ways
Send the price, the neighborhood and how much you plan to put down. Mike will show you whether the loan is high-balance or jumbo, price both with us and against other wholesale lenders, and flag Measure E if the price is near $2.3 million.
Prefer to talk? Call 800-801-5626.