Question 1

What is the conforming loan limit in Mendocino County?

Accepted Answer

The FHFA sets conforming limits annually. Any loan above that limit in Mendocino County requires jumbo financing.

Question 2

Can I put 10% down on a jumbo loan?

Accepted Answer

Some lenders allow 10% down on jumbo loans, but 20% is more common. Expect stricter reserve and credit requirements at lower down payments.

Question 3

Are jumbo rates higher than conventional rates?

Accepted Answer

Not always — but they move differently. Jumbo rates are lender-specific and don't follow the same pricing as conforming loans. Rates vary by borrower profile and market conditions.

Question 4

What credit score do I need for a conventional loan?

Accepted Answer

Lenders require a 620 minimum for conventional loans. Scores above 740 get the best rate tiers.

Question 5

How many months of reserves do jumbo lenders require?

Accepted Answer

Most jumbo lenders want 12 months of mortgage payments in verified assets. Some programs allow less with stronger credit and income.

Question 6

Which loan is better for a coastal property in Point Arena?

Accepted Answer

It depends entirely on the purchase price. If it exceeds the conforming limit, jumbo is your only option. We can run both scenarios for your situation.

Conventional vs Jumbo Loans in Point Arena, CA