Question 1

What is the conforming loan limit in Monterey County?

Accepted Answer

Monterey County is a high-cost area, so its limit exceeds the standard national cap. Check current Fannie Mae limits before assuming your loan amount qualifies.

Question 2

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

Accepted Answer

Yes, you can put as little as 3% down. You'll pay PMI until you reach 20% equity, then you can request removal.

Question 3

How is a conforming loan different from a conventional loan?

Accepted Answer

All conforming loans are conventional, but not all conventional loans conform. Jumbo loans are conventional but exceed Fannie and Freddie's limits.

Question 4

What credit score do I need for a conforming loan in Del Rey Oaks?

Accepted Answer

Lenders require a 620 minimum. Scores above 740 unlock the best rate tiers and lowest PMI costs.

Question 5

Are conforming loan rates fixed or adjustable?

Accepted Answer

Both options exist. Fixed rates give payment certainty. ARMs start lower but adjust after an initial period.

Question 6

How long does a conforming loan take to close in California?

Accepted Answer

Typically 21 to 30 days with complete documentation. Conforming loans close faster than jumbo or non-QM products.

Conforming Loans in Del Rey Oaks, CA