Question 1

What is the conforming loan limit in Monterey County?

Accepted Answer

The FHFA sets conforming limits annually. Borrow above that limit and your loan becomes jumbo. Check current limits before you start shopping.

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 terms with less down.

Question 3

Are jumbo rates higher than conventional rates?

Accepted Answer

Not always. Jumbo rates are lender-specific and can be competitive. Rates vary by borrower profile and market conditions.

Question 4

What credit score do I need for a conventional loan?

Accepted Answer

Most conventional lenders require a 620 minimum. Higher scores get better rates.

Question 5

How long does a jumbo loan take to close?

Accepted Answer

Jumbo loans typically take longer than conventional. Plan for extra time for underwriting and possible second appraisals.

Question 6

Which loan is better for a Gonzales buyer?

Accepted Answer

It depends on your purchase price and financial profile. If you stay under the conforming limit, conventional wins on simplicity.

Conventional vs Jumbo Loans in Gonzales, CA