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in Belvedere, CA
Most Belvedere homes blow past the conventional loan limit. The 2024 conforming limit is $766,550 — but median Belvedere prices run well into the millions.
That means most buyers here need jumbo financing. But if you're looking at a rare sub-$767K property or putting down a massive chunk, conventional loans still matter.
Conventional loans follow Fannie Mae and Freddie Mac guidelines. They cap at $766,550 in Marin County, with down payments as low as 3% for first-time buyers.
Credit requirements start at 620, though competitive rates kick in around 680. PMI applies if you put down less than 20%, but drops off once you hit that equity threshold.
These loans offer the lowest rates in the market when you qualify. They're standardized across lenders, so the main variable is your broker's access to competitive pricing.
Jumbo loans finance anything above $766,550. In Belvedere, that's most single-family homes and waterfront properties.
Expect 10-20% down minimum, though some lenders go to 5% for exceptional profiles. Credit scores typically need to clear 700 for competitive pricing.
Rates run slightly higher than conventional — usually 0.25% to 0.75% more. But you're not paying PMI, and reserves matter more than with conforming loans.
Underwriting looks deeper at assets and income stability. Lenders want to see 6-12 months of reserves after closing, especially on loans above $2 million.
The loan limit is the obvious split. Conventional caps at $766,550. Jumbo handles everything above that with no upper limit.
PMI is another divider. Conventional loans require it below 20% down. Jumbo loans skip PMI entirely but demand larger down payments and reserves to compensate.
Rate pricing flips the script on what you'd expect. Conventional offers lower rates but adds PMI costs. Jumbo rates run higher but avoid insurance premiums.
Reserve requirements separate casual buyers from serious ones. Conventional loans might ask for two months. Jumbo lenders want proof you can handle six to twelve months of payments after closing.
If you're buying below $766,550 in Belvedere, conventional wins on rate and flexibility. You'll pay less interest and have more down payment options.
Above that threshold, jumbo is your only conforming option. Focus on building reserves and hitting 700+ credit before you shop rates.
Some buyers split the difference with a piggyback structure — an 80% conventional first mortgage plus a second loan. That works if you want to avoid both PMI and full jumbo pricing, but it's rare in this market.
Your actual costs depend on rate spreads when you lock. Sometimes jumbo pricing tightens enough that the PMI savings don't matter. Run the numbers with current quotes, not assumptions.
$766,550 for 2024. Anything above that requires jumbo financing.
No. You'll pay PMI until you reach 20% equity through payments or appreciation.
Usually yes. Conventional starts at 620, but jumbo pricing gets competitive around 700.
Most lenders want 6-12 months of mortgage payments in liquid assets after closing.
Typically 0.25-0.75% higher, but spreads fluctuate. Sometimes they nearly match conventional pricing.