Question 1

What is the conforming loan limit in Commerce?

Accepted Answer

$832,750 for Los Angeles County in 2024. Above that amount, you need jumbo financing regardless of property type.

Question 2

Can I get a jumbo loan with less than 20% down?

Accepted Answer

Yes, but expect rate premiums and possibly mortgage insurance. Most lenders prefer 20% down for best jumbo pricing.

Question 3

Do jumbo loans always have higher rates than conventional?

Accepted Answer

Not always. Portfolio lenders sometimes price jumbos competitively to attract high-quality borrowers. Shop multiple lenders.

Question 4

What credit score do I need for a jumbo loan?

Accepted Answer

Most lenders require 700 minimum, with 740+ needed for best rates. Some portfolio lenders go to 680 with compensating factors.

Question 5

How many months of reserves do jumbo lenders require?

Accepted Answer

Typically 6-12 months of PITI. Higher loan amounts and lower credit scores push reserve requirements toward the upper end.

Conventional vs Jumbo Loans in Commerce: Which Loan Fits Your Los Angeles County Purchase?