Question 1

What's the conforming loan limit in Fairfax?

Accepted Answer

Marin County uses high-cost area limits, significantly above the baseline national cap. Exact amounts adjust annually based on FHFA guidelines.

Question 2

Can I use a conforming loan on a Fairfax condo?

Accepted Answer

Yes, if the condo project is Fannie or Freddie approved and the price fits within conforming limits. Many smaller complexes qualify.

Question 3

How much lower are conforming rates versus jumbo?

Accepted Answer

Typically 0.25% to 0.75% lower, though spreads vary by market conditions. Rates vary by borrower profile and market conditions.

Question 4

Do I need 20% down to avoid PMI?

Accepted Answer

Yes, but PMI isn't permanent. It cancels automatically at 78% loan-to-value as you pay down the balance.

Question 5

Will older Fairfax homes pass conforming underwriting?

Accepted Answer

Most do, but appraisers flag issues like old electrical or non-permitted additions. Sellers often need to address conditions before closing.

Conforming Loans in Fairfax: When Standard Limits Meet Marin County Prices