Question 1

What are the current conforming loan limits in Orinda?

Accepted Answer

Conforming loan limits change annually and vary by county. Contra Costa County follows baseline or high-cost area limits depending on home prices. Check current limits with your lender as they reset each January.

Question 2

Can I use a conforming loan for an investment property in Orinda?

Accepted Answer

Yes, conforming loans work for investment properties with higher down payment requirements, typically 15-25%. Rates run slightly higher than primary residence loans, and you'll need six months of cash reserves.

Question 3

How does private mortgage insurance work with conforming loans?

Accepted Answer

PMI applies to conventional conforming loans with less than 20% down. You can request removal once you reach 20% equity, or it automatically cancels at 22% equity with good payment history.

Question 4

What documentation do I need for a conforming loan in Orinda?

Accepted Answer

Standard documentation includes two years of tax returns, recent pay stubs, two months of bank statements, and employment verification. Self-employed borrowers need additional business documentation and possibly two years of business returns.

Question 5

How long does conforming loan approval take in Contra Costa County?

Accepted Answer

Full underwriting typically takes 3-5 business days with complete documentation. The entire process from application to closing usually spans 30-45 days, though cash-out refinances may take slightly longer.

Conforming Loans in Orinda: Traditional Financing for Contra Costa County Homebuyers