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Conforming Loans in Corte Madera
Corte Madera sits in one of California's priciest markets. Most properties here push past conforming limits fast.
The 2024 conforming cap for Marin County is $1,149,825. That covers condos and some townhomes, but single-family homes often require jumbo financing.
Borrowers who qualify for conforming rates get better pricing than jumbo. The difference can be 0.25% to 0.75% depending on credit profile.
Many buyers start shopping conforming but switch to jumbo once they see actual inventory. We underwrite both to keep options open.
Credit minimums start at 620 for conforming approval. Rates improve significantly at 680 and again at 740.
Down payment can be as low as 3% for first-time buyers. Conventional 97 programs use conforming guidelines with mortgage insurance.
Debt-to-income ratios top out around 50% with strong compensating factors. Most approvals land between 43% and 48%.
You need W-2 income or documented self-employment for two years. Bank statement programs don't qualify as conforming loans.
Every wholesale lender we work with offers conforming products. The difference is in overlays and pricing adjustments.
Some lenders price aggressively for high-FICO borrowers in Marin. Others excel at maximum DTI approvals or investment properties.
Rates vary by borrower profile and market conditions. We shop across 200+ lenders to find the tightest margin for your specific scenario.
Condos in Corte Madera require warrantable project approval. Not all lenders maintain the same condo project lists, so we check multiple sources.
Most Corte Madera buyers assume they need jumbo before checking the numbers. Always confirm the purchase price against current conforming limits first.
Properties right at the conforming limit get tricky. A $1,140,000 purchase works, but a $1,160,000 home forces jumbo with stricter terms.
We see buyers stretch budgets to stay conforming. That rarely makes sense if it pushes DTI above 45% or drains emergency reserves.
Investment properties in Corte Madera qualify for conforming loans too. You need 15% down minimum and rates run about 0.5% higher than primary residence.
Conforming loans beat FHA pricing in Marin County. FHA mortgage insurance costs more than conventional PMI on the same purchase.
Jumbo loans require 10% to 20% down and stricter reserves. If your purchase fits conforming limits, you save on both fronts.
Adjustable-rate conforming loans offer lower start rates. The 7/1 ARM often prices 0.5% below 30-year fixed in current markets.
Non-QM programs don't apply here unless you have income documentation issues. Conforming gives better rates for W-2 and standard self-employed borrowers.
Corte Madera's Town Center condos frequently hit conforming limits. Single-family homes in Christmas Tree Hill or east of 101 rarely qualify.
Marin County gets a higher conforming limit than most California counties. The standard $766,550 cap doesn't apply here.
Property taxes in Corte Madera run about 1.2% of assessed value. That affects your DTI calculation more than in lower-tax counties.
HOA fees for waterfront condos can exceed $800 monthly. Lenders count full HOA dues in debt ratios, which tightens conforming qualification.
$1,149,825 for single-unit properties in 2024. Marin County qualifies as a high-cost area with limits above the standard baseline.
Yes. Conventional conforming loans allow 5% down for primary residences. You'll pay mortgage insurance until you reach 20% equity.
Most condos qualify if the project is warrantable. We verify project approval with multiple lenders before you write an offer.
Typically 0.25% to 0.75% lower depending on credit score and down payment. The gap widens with lower credit scores.
Yes, with two years of tax returns showing stable income. We calculate qualifying income from your 1040s and business returns.
Mortgage financing for independent contractors and freelancers who earn 1099 income instead of traditional W-2 wages.
Mortgage programs that allow borrowers to qualify based on liquid assets rather than traditional employment income.
Non-QM loans that use 12 to 24 months of bank statements to verify income for self-employed borrowers.
Short-term financing that bridges the gap between buying a new property and selling an existing one.
Debt Service Coverage Ratio loans that qualify investors based on a rental property's income rather than personal income.
Mortgage programs designed for non-US citizens and non-permanent residents who want to purchase property in the United States.
Asset-based short-term loans primarily used by real estate investors for property acquisition and renovation projects.
Mortgages that allow borrowers to pay only the interest for an initial period, resulting in lower monthly payments upfront.
Financing solutions tailored for real estate investors purchasing rental properties, fix-and-flip projects, or investment portfolios.
Home loans for borrowers who have an Individual Taxpayer Identification Number instead of a Social Security number.
Adjustable rate mortgages held in a lender's portfolio rather than sold on the secondary market, offering more flexible terms.
Non-QM mortgages that use a CPA-prepared profit and loss statement to verify income for self-employed borrowers.
Home loans with interest rates that adjust periodically based on market conditions after an initial fixed-rate period.
Specialized mortgage programs designed to support homeownership in underserved communities with flexible qualification criteria.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
Traditional mortgage financing not backed by a government agency, offering flexible terms and competitive rates for qualified borrowers.
Innovative loan products that leverage projected home equity growth to provide favorable financing terms.
Government-insured mortgages from the Federal Housing Administration with low down payments and flexible credit requirements.
A revolving line of credit secured by your home equity that allows you to borrow funds as needed during a draw period.
A fixed-rate second mortgage that provides a lump sum of cash by borrowing against the equity built in your home.
Mortgages that exceed the conforming loan limits set by the FHFA, designed for financing high-value luxury properties.
Loans for homeowners aged 62 and older that convert home equity into cash without requiring monthly mortgage payments.
Government-backed zero down payment mortgages for eligible rural and suburban homebuyers who meet income limits.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.