Question 1

What triggers a jumbo loan in Humboldt County?

Accepted Answer

Your loan amount exceeds the FHFA conforming limit for the county. One dollar over that line puts you in jumbo.

Question 2

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

Accepted Answer

Some lenders allow 10% down on jumbo. Expect stricter credit and reserve requirements when you go that route.

Question 3

Are jumbo rates always higher than conventional?

Accepted Answer

Not always. Jumbo rates move on their own. Rates vary by borrower profile and market conditions.

Question 4

What credit score do I need for a conventional loan?

Accepted Answer

Most lenders require a 620 minimum. Higher scores get better pricing on conventional loans.

Question 5

How much in reserves do jumbo lenders require?

Accepted Answer

Typically 12 months of payments in liquid assets. Some lenders require more depending on loan size.

Question 6

Can I use a conventional loan for investment property in Fortuna?

Accepted Answer

Yes. Conventional loans allow investment properties with higher down payment requirements, usually 15-25%.

Conventional vs Jumbo Loans in Fortuna, CA