Question 1

What is the conforming loan limit in Amador County?

Accepted Answer

The FHFA sets conforming limits annually. Check the current year's published limit — anything above it requires a jumbo loan.

Question 2

Are jumbo rates always higher than conventional rates?

Accepted Answer

Not always. The spread shifts with market conditions. 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 up to 720 as a floor depending on the loan size and property type.

Question 4

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

Accepted Answer

Some lenders allow 10% down on jumbos. Expect higher reserves and a stronger credit profile to offset the lower down payment.

Question 5

How many months of reserves do jumbo lenders require?

Accepted Answer

Most jumbo lenders require 12 months of reserves. Some go higher for larger loan amounts or investment properties.

Question 6

Is a conventional loan faster to close than a jumbo?

Accepted Answer

Generally yes. Conventional underwriting is more standardized. Jumbo files take more manual review and can add days to the timeline.

Conventional vs Jumbo Loans in Amador City, CA