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in Larkspur, CA
Larkspur's median home prices routinely exceed conforming loan limits, pushing many buyers into jumbo territory. The loan type you choose affects your rate, down payment, and how much house you can afford.
Both conventional and jumbo loans work well in Marin County. Your choice comes down to purchase price and how your financial profile stacks up against stricter jumbo requirements.
Conventional loans follow Fannie Mae and Freddie Mac guidelines, with conforming limits currently at $832,750 in most of California. These loans offer the most competitive rates and flexible down payment options, starting at 3% for first-time buyers.
You'll find more lender flexibility with credit scores as low as 620, though better rates kick in at 740+. Private mortgage insurance applies when you put down less than 20%, but it drops off once you hit 20% equity.
Processing moves faster than government loans since there's no agency layering. Most conventional files close in 21-30 days with clean documentation and appraisal.
Jumbo loans finance anything above $832,750, which covers most single-family homes in Larkspur. These loans don't follow Fannie Mae guidelines, so each lender sets its own rules for credit, income, and reserves.
Expect tougher requirements across the board. Most lenders want 700+ credit scores, 10-20% down, and 6-12 months of reserves sitting in the bank after closing.
Rates on jumbos used to run higher than conforming loans, but that gap has narrowed significantly. Some borrowers with strong profiles actually see better jumbo rates than conventional.
Local decision guide
Use this comparison to weigh Conventional Loans and Jumbo Loans through local payment fit, eligibility, documentation, and timing before choosing a path in Larkspur.
Larkspur's median home prices routinely exceed conforming loan limits, pushing many buyers into jumbo territory. The loan type you choose affects your rate, down payment, and how much house you can afford.
Both conventional and jumbo loans work well in Marin County. Your choice comes down to purchase price and how your financial profile stacks up against stricter jumbo requirements.
Conventional loans follow Fannie Mae and Freddie Mac guidelines, with conforming limits currently at $832,750 in most of California. These loans offer the most competitive rates and flexible down payment options, starting at 3% for first-time buyers.
The loan limit draws the hard line. If you're buying under $832,750 in Larkspur, conventional is your default choice with easier qualification and lower down payment options.
Above that threshold, jumbo becomes your only path. The trade-off: stricter underwriting in exchange for financing higher-priced properties that conventional loans simply won't touch.
Down payment requirements diverge sharply. Conventional allows as little as 3% down, while jumbo lenders typically require 10% minimum, with 20% preferred to avoid higher rates and additional scrutiny.
Reserve requirements separate casual buyers from serious ones. Conventional loans rarely require reserves, but jumbo lenders want proof you can weather 6-12 months of payments even after closing costs.
Price determines most of this decision. If you're buying below $832,750, conventional wins with easier approval and smaller down payment requirements.
Above conforming limits, you're looking at jumbo regardless of preference. Focus your energy on meeting those stricter qualification standards rather than shopping loan types.
Strong financial profiles sometimes benefit from jumbo loans even on lower-priced homes. If you have 740+ credit and substantial reserves, some jumbo programs offer better rates than conventional with minimal added documentation.
First-time buyers almost always belong in conventional territory. The 3% down options and forgiving credit requirements make homeownership accessible without the fortress balance sheet jumbo lenders demand.
Conforming loans cap at $832,750 for single-family homes in Marin County. Anything above requires jumbo financing with stricter qualification standards.
Yes, but expect higher rates and tougher scrutiny than with 20% down. Most lenders price jumbo loans more favorably at 20% equity.
Not necessarily. Borrowers with strong credit and low debt often qualify for jumbo rates competitive with conventional loans.
Conventional loans start at 620 credit, though 740+ gets best pricing. Jumbo lenders typically require 700 minimum, with 740+ for competitive rates.
Most jumbo programs require 6-12 months of mortgage payments in reserves after closing. Conventional loans rarely require any reserves.