Question 1

What's the loan limit for conventional in Brentwood?

Accepted Answer

$766,550 for 2024 in Contra Costa County. Anything above that requires a jumbo loan.

Question 2

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

Accepted Answer

Yes, some lenders allow 10-15% down, though you'll face higher rates and stricter approval. 20% down gets you the best pricing.

Question 3

Do jumbo loans always have higher rates?

Accepted Answer

Not anymore. Borrowers with 760+ credit often see jumbo rates match or beat conventional, especially with 20%+ down.

Question 4

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

Accepted Answer

Most lenders want 6-12 months of mortgage payments in reserves. Higher loan amounts or unique income can push that higher.

Question 5

Can I avoid PMI with less than 20% down on conventional?

Accepted Answer

No, but PMI drops automatically at 78% LTV. You can also request removal at 80% LTV with an appraisal.

Conventional vs Jumbo Loans in Brentwood: Which Fits Your Home Budget?