Gilroy Mortgage Broker — Where Jumbo Isn't the Default
Almost every other page on this site is about jumbo financing. Gilroy is the exception.
Gilroy is one of the last places in Santa Clara County where a standard conventional or FHA loan is genuinely the norm, not the exception. Median home prices here run well below the county's high-balance conforming ceiling, which means Gilroy buyers often have real down payment and rate advantages that Los Gatos, Saratoga, or Cupertino buyers simply don't get. I've spent 30+ years arranging financing across this county, and matching Gilroy buyers to the right conventional or FHA program — rather than assuming jumbo — is exactly where that experience pays off.
The one South County market where conforming is normal
The 2026 baseline conforming loan limit is $832,750, but Santa Clara County is a federally designated high-cost area, which raises the limit here to $1,249,125 for both conforming and FHA financing on a one-unit property. In most of this county, that higher limit still isn't enough — but in Gilroy, where typical home values run roughly $900,000 to $1.1M, the large majority of purchases fall comfortably within high-balance conforming limits.
Some entry-level Gilroy homes can even fall under the standard $832,750 baseline, unlocking the best available rates and lower minimum down payments. This is a genuinely different conversation than almost anywhere else in the county.
Loan programs Gilroy buyers use most
Conventional loans
The most common path for Gilroy purchases, with better rates and lower down payments than jumbo financing requires.
FHA loans
A strong fit for first-time buyers, since most Gilroy homes fall well within FHA limits.
Self-employed / bank-statement loans
Common among Gilroy's mix of small business owners, agricultural employers, and commuting professionals.
HELOC & cash-out refinance
For longtime Gilroy homeowners tapping equity built up over the years.
Jumbo loans
Still relevant for Gilroy's newer, higher-end developments like Glen Loma Ranch and Eagle Ridge, where pricing can run higher.
VA loans
$0 down and no monthly mortgage insurance — a strong fit alongside Gilroy's already-accessible pricing.
Gilroy's Below Market Rate (BMR) Program
Gilroy has run a Below Market Rate (BMR) homeownership program for more than 20 years, with roughly 250 to 300 deed-restricted affordable units currently in circulation across the city. As of July 1, 2026, the program is administered by Hello Housing, which handles resale requests, refinancing approvals, homeowner questions, and compliance monitoring.
Gilroy's program today functions mostly through resales of existing BMR homes rather than large numbers of new units, and is often paired with dedicated down-payment assistance for qualifying buyers. It's a mature, long-running program worth checking if you or a family member may qualify — I can point you toward Hello Housing directly for current resale openings.
Local, not corporate
I'm based in Campbell and have arranged financing across Santa Clara County for 30+ years, including South County purchases in Gilroy's mix of established neighborhoods and newer developments. Because Gilroy's financing conversation is so different from the rest of the county — conventional and FHA first, jumbo only when it's actually needed — having a broker who won't default to a one-size-fits-all jumbo approach matters here in a way it doesn't everywhere else.