Question 1

What is the conforming loan limit in Merced County?

Accepted Answer

The FHFA sets conforming limits annually. Check the current limit for Merced County before assuming you need a jumbo loan.

Question 2

Can I avoid jumbo with a larger down payment?

Accepted Answer

Yes. If you can bring the loan amount under the conforming limit, you qualify for conventional. Run the math first.

Question 3

Do jumbo loans have higher interest rates?

Accepted Answer

Not always. Jumbo rates can be close to conventional. Rates vary by borrower profile and market conditions.

Question 4

What credit score do I need for a jumbo loan in Gustine?

Accepted Answer

Most jumbo lenders require 700 or higher. Some want 720+. Conventional loans allow scores as low as 620.

Question 5

How much cash do I need in reserves for a jumbo loan?

Accepted Answer

Most jumbo lenders want 12 months of mortgage payments in reserves. Conventional loans require far less.

Question 6

Which loan is faster to close in Gustine?

Accepted Answer

Conventional loans generally close faster. Jumbo underwriting is more intensive and can add time to the process.

Conventional vs Jumbo Loans in Gustine, CA