Question 1

What is the conforming loan limit in Marin County?

Accepted Answer

Marin County falls under FHFA high-balance limits, which exceed the national baseline. Check current FHFA limits — they adjust annually.

Question 2

Do I need 20% down for a conforming loan in Novato?

Accepted Answer

No. Conforming loans allow as little as 3% down. Under 20% means you'll pay PMI until you reach that equity threshold.

Question 3

Can I use a conforming loan to buy a condo in Novato?

Accepted Answer

Yes, but the condo project must be warrantable — meaning it meets Fannie Mae or Freddie Mac approval standards. Not all complexes qualify.

Question 4

How does a conforming loan differ from a conventional loan?

Accepted Answer

All conforming loans are conventional, but not all conventional loans are conforming. Jumbo loans are conventional but exceed conforming limits.

Question 5

What credit score gets the best conforming rate in Novato?

Accepted Answer

Aim for 740 or above. Scores below that trigger pricing adjustments that raise your rate meaningfully.

Question 6

Is a conforming loan better than an ARM right now?

Accepted Answer

Depends on how long you plan to stay. If you're in Novato for 5–7 years, an ARM may price better. A fixed conforming loan gives you long-term payment certainty.

Conforming Loans in Novato, CA — Rates Worth Shopping