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in Firebaugh, CA
Most Firebaugh buyers use conventional loans, which conform to federal limits. But if you're buying a higher-priced property or acreage with a home, you might hit the jumbo threshold.
The line between these loans is the conforming loan limit — $806,500 for a single-family home in Fresno County in 2025. Cross that, and you're in jumbo territory with different approval standards.
Conventional loans stay within the conforming limit, meaning Fannie Mae or Freddie Mac will buy them from lenders. That government backing keeps rates competitive and requirements predictable.
You'll typically need 620+ credit and 3-5% down for a primary home. Private mortgage insurance (PMI) applies below 20% down, but you can cancel it once you hit that equity threshold.
These loans work well for Firebaugh's typical single-family homes and smaller agricultural properties. Underwriting is straightforward for W-2 earners and most self-employed borrowers with two years of tax returns.
Jumbo loans exceed the conforming limit, so lenders hold them in portfolio or sell them on the private market. Without government backing, they're pickier about who they approve.
Expect to show 700+ credit and 10-20% down depending on loan size. Some lenders want reserves — six to twelve months of payments sitting in the bank after closing.
These loans make sense for larger Firebaugh properties, vineyards with homes, or higher-value purchases. Rates run close to conventional loans now, but approval is tougher and documentation stricter.
The biggest split is loan amount. Conventional caps at $806,500 in Fresno County. Anything above that needs jumbo financing, which means stricter credit and cash requirements.
Jumbo lenders dig deeper into your finances. They want to see consistent income, low debt ratios (usually under 43%), and proof you can weather a payment increase. Conventional underwriting is more forgiving.
Rate-wise, the gap has narrowed. Jumbo rates used to run a full point higher, but now they're often within 0.25-0.50% of conventional. Still, qualifying is harder and closing costs can be steeper on jumbo loans.
If your purchase price stays under $806,500, stick with conventional. You'll get easier approval, lower down payment options, and more lender flexibility on credit and income.
Cross that threshold and jumbo is your only choice. Make sure you have strong credit, at least 10% down, and clean tax returns. If you're self-employed or have income complexity, expect extra scrutiny.
For Firebaugh buyers eyeing larger agricultural parcels or premium properties, jumbo loans work fine — just plan for tougher underwriting. Most conventional buyers never need to think about jumbo financing.
The conforming limit in Fresno County is $806,500 for 2025. Anything above that requires jumbo financing with different approval requirements.
Yes, some lenders approve jumbo loans with 10-15% down if you have strong credit and reserves. Expect higher rates or PMI on smaller down payments.
Not much anymore. Jumbo rates often run within 0.25-0.50% of conventional rates. Qualifying is harder, but pricing is competitive now.
Yes. Most jumbo lenders want 700+ credit versus 620 for conventional. They also scrutinize income stability and reserves more closely.
You don't refinance between loan types — the category depends on your loan amount. If you're borrowing above $806,500, it's automatically a jumbo loan.