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in Mill Valley, CA
Mill Valley real estate routinely exceeds $1.4 million, putting most properties in jumbo territory. Whether you need conventional or jumbo financing depends on your purchase price and down payment strategy.
Both loan types offer competitive rates for qualified buyers. The real difference comes down to loan limits, requirements, and how much you're putting down.
Conventional loans top out at $806,500 in Marin County for 2025. You can put down as little as 3%, though you'll pay PMI below 20% equity.
Credit requirements start at 620, but expect better rates at 740+. Lenders want to see 2-6 months of reserves depending on down payment size.
These loans move faster through underwriting than jumbo products. You'll also have more lender options since every bank offers conventional financing.
Jumbo loans cover anything above $806,500 in Mill Valley. Most of our Marin deals fall into this category given local pricing.
Expect to put down 10-20% depending on loan size and property type. Credit requirements start around 680-700, with best pricing at 740+.
Lenders typically want 12+ months of reserves for jumbo financing. Underwriting takes longer and documentation requirements are stricter than conventional loans.
The loan limit divide is stark in Mill Valley. Conventional caps at $806,500 while jumbo covers everything above that threshold.
Down payment flexibility differs substantially. Conventional allows 3% down while jumbo typically requires 10-20% minimum depending on loan amount.
Reserve requirements separate these products clearly. Conventional asks for 2-6 months while jumbo lenders want 12+ months of housing payments in the bank.
Credit standards tighten with jumbo loans. Conventional starts at 620 while jumbo typically requires 680-700 for approval and 740+ for best pricing.
Your purchase price makes this decision for you in most cases. Buying under $806,500 means conventional is your only conforming option.
Above that threshold, jumbo becomes necessary regardless of down payment size. The real question becomes whether you can meet the stricter reserve and credit requirements.
Some buyers split the difference with an $806,500 conventional first and a second mortgage or HELOC. This works if you want to preserve cash but avoid full jumbo underwriting.
Rates vary by borrower profile and market conditions. We often see jumbo rates match or beat conventional for well-qualified buyers in Mill Valley.
Marin County's limit is $806,500 for single-family homes. Anything above that requires jumbo financing regardless of down payment.
No. Jumbo loans typically require 10-20% down depending on loan amount and property type.
Not necessarily. Well-qualified borrowers often get competitive jumbo rates that match or beat conventional pricing.
Most lenders want 12+ months of housing payments in reserves. Some require more for loans above $2 million.
Minimum is typically 680-700, but you'll get best pricing at 740+. Conventional starts at 620.
Yes. An $806,500 first mortgage plus a second loan can work if you want conventional underwriting standards.