Question 1

What is the conforming loan limit in Marin County?

Accepted Answer

Marin is a high-cost county with an elevated conforming limit. Borrowing above that threshold puts you in jumbo territory automatically.

Question 2

Are jumbo loan rates higher than conventional rates?

Accepted Answer

Not always. Jumbo rates can be competitive or even lower for strong borrowers. Rates vary by borrower profile and market conditions.

Question 3

How much do I need down for a jumbo loan in Novato?

Accepted Answer

Most jumbo lenders want 10-20% down. Some programs allow less, but expect stricter requirements on credit and reserves.

Question 4

Can I use a conventional loan to buy in Novato?

Accepted Answer

Yes, if your loan amount stays within the conforming limit. Many Novato purchases exceed that threshold and require jumbo financing.

Question 5

What credit score do I need for a jumbo loan?

Accepted Answer

Most jumbo lenders require 700 or higher. Some go to 720+ depending on the loan size and down payment.

Question 6

Do jumbo loans require more cash reserves?

Accepted Answer

Yes. Lenders typically require 12 months of reserves on jumbo loans. Conventional loans are much more flexible on reserves.

Conventional vs Jumbo Loans in Novato, CA