Question 1

What are the current conforming loan limits in Contra Costa County?

Accepted Answer

Conforming limits vary by county and change annually. Contact SRK CAPITAL for current Contra Costa County limits to determine if you need conventional or jumbo financing for your Walnut Creek purchase.

Question 2

Do jumbo loans always have higher interest rates?

Accepted Answer

Not necessarily. Well-qualified borrowers often secure jumbo rates competitive with conventional loans. Rates vary by borrower profile and market conditions, so compare both options with your specific qualifications.

Question 3

Can I use a conventional loan for a high-priced Walnut Creek home?

Accepted Answer

Only if the loan amount stays within conforming limits. For properties exceeding those thresholds, jumbo financing is required regardless of your down payment size.

Question 4

What credit score do I need for each loan type?

Accepted Answer

Conventional loans typically require 620 minimum, while jumbo loans usually need 700 or higher. Better scores in both cases improve your rate and terms significantly.

Question 5

Are down payment requirements different between the two?

Accepted Answer

Yes. Conventional loans allow as little as 3% down, while jumbo loans typically require 10-20% minimum. Larger down payments improve terms for both loan types.

Conventional vs Jumbo Loans in Walnut Creek: Which Fits Your Home Purchase?