Question 1

What is the conforming loan limit in Merced County?

Accepted Answer

The FHFA sets conforming limits annually. Merced County follows the standard national baseline — check current limits before assuming which loan type applies.

Question 2

Are jumbo loan rates higher than conventional?

Accepted Answer

Not always. Jumbo rates are set by individual lenders and vary widely. Rates vary by borrower profile and market conditions.

Question 3

Can I put less than 20% down on a jumbo loan?

Accepted Answer

Some lenders allow 10% down on jumbo loans. Expect stricter credit and reserve requirements when putting less down.

Question 4

Do jumbo loans take longer to close?

Accepted Answer

Usually yes. More documentation and manual underwriting add time. Budget extra weeks compared to a conventional close.

Question 5

Which loan has stricter income documentation?

Accepted Answer

Jumbo loans do. Full tax returns, W-2s, and bank statements are standard. Conventional can sometimes use automated income review.

Conventional vs Jumbo Loans in Los Banos, CA