Question 1

What is the conforming loan limit in Amador County?

Accepted Answer

The FHFA sets conforming limits annually. Any loan above that limit in Amador County is a jumbo loan.

Question 2

Can I use a conventional loan for a higher-priced home?

Accepted Answer

Only if the loan amount stays at or below the conforming limit. The purchase price can be higher if your down payment covers the gap.

Question 3

Do jumbo loans have higher rates than conventional?

Accepted Answer

Often yes, but not always. Rates vary by borrower profile and market conditions. Strong credit can narrow the gap.

Question 4

How much do I need in reserves for a jumbo loan?

Accepted Answer

Most lenders require 12 months of mortgage payments in liquid reserves after closing. Conventional loans rarely require that.

Question 5

What credit score do I need for each loan type?

Accepted Answer

Conventional typically requires 620 minimum. Most jumbo lenders want 700 or higher.

Question 6

Is it possible to avoid jumbo with a larger down payment?

Accepted Answer

Yes. If a larger down payment brings your loan amount below the conforming limit, you qualify for conventional. That's worth running the numbers on.

Conventional vs Jumbo Loans in Jackson, CA