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in Sausalito, CA
Most homes in Sausalito push past the conventional loan limit. That forces buyers into jumbo territory whether they planned for it or not.
Understanding the difference matters because jumbo loans come with stricter requirements. But they also unlock properties that conventional financing can't touch.
Conventional loans max out at $806,500 in Marin County for 2024. These mortgages follow Fannie Mae and Freddie Mac guidelines, which means predictable underwriting.
You can put down as little as 3% with strong credit. Rates stay competitive because the loans get sold to government-sponsored enterprises, spreading lender risk.
PMI drops off once you hit 20% equity. Cash-out refinances, investment properties, and second homes all work under conventional terms.
Jumbo loans cover anything above $806,500 in Marin County. Sausalito listings routinely hit seven figures, making jumbo the default for most transactions here.
Lenders hold these loans in portfolio instead of selling them. That creates tighter requirements but also flexibility on loan amounts with no upper cap.
Expect to put down 10-20% minimum. Credit scores need to hit 700 or higher, and you'll show 6-12 months of reserves depending on loan size.
The loan limit draws the dividing line. Below $806,500, conventional wins on flexibility and lower barriers to entry.
Above that threshold, jumbo becomes your only option unless you bridge the gap with a massive down payment. Jumbo rates sometimes beat conventional for borrowers with 750+ credit and strong assets.
Reserves matter more on jumbo loans. Lenders want proof you can handle payments even if income drops, so they require months of housing payments sitting in liquid accounts.
If you're buying under $806,500 in Sausalito, stick with conventional. You'll face fewer hoops and gain the option of lower down payments.
For properties above that limit, jumbo is your path. Build your case with strong credit, documented income, and cash reserves before shopping seriously.
Some buyers split the difference with a conventional first and piggyback second. That works if you want to avoid jumbo underwriting but need to bridge a gap to 20% down.
$806,500 for 2024 in Marin County. Anything above that requires jumbo financing.
Not always. Borrowers with 750+ credit and strong reserves often see jumbo rates match or beat conventional pricing.
No. Jumbo loans require 10-20% down depending on loan amount and property type.
Expect 6-12 months of mortgage payments in liquid assets. Higher loan amounts push toward the 12-month end.
Yes. A conventional first with a second loan can keep you under the jumbo threshold if you have enough equity.