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in Greenfield, CA
In Greenfield, the loan you need depends on one number: the purchase price. Cross the conforming loan limit and you're in jumbo territory.
Both loans are solid options. But the qualifying rules and rate differences matter a lot. Know which side of the line you're on before you shop.
Conventional loans stay within FHFA conforming limits. That means lenders can sell them on the secondary market, which keeps rates tighter.
You'll need at least a 620 credit score. Put down 20% and you skip private mortgage insurance entirely.
Jumbo loans cover purchases above the conforming limit. They're portfolio loans — lenders keep them in-house, so each lender sets its own rules.
Most jumbo lenders want a 700+ credit score. Expect to show 12 months of cash reserves and full income documentation.
HousingWire flagged the 30-year fixed at 6.57% with applications dropping over 10% week-over-week. Jumbo rates move differently — they're priced by individual lenders, not the secondary market.
Conventional loans have standardized guidelines from Fannie Mae and Freddie Mac. Jumbo guidelines shift by lender. One lender might cap debt-to-income at 43%. Another allows 50%.
Down payment is another gap. Conventional allows as low as 3% down. Most jumbo lenders require 10–20% minimum. Rates vary by borrower profile and market conditions.
If your purchase price stays under the conforming limit, conventional is almost always the right call. Easier to qualify, faster to close.
If you're buying above that threshold in Monterey County, jumbo is your only path. Make sure your credit, reserves, and income documentation are airtight before applying.
FHFA sets conforming limits annually. Anything above that limit in Monterey County requires a jumbo loan.
Not always. Jumbo rates vary by lender and borrower profile. Strong credit and reserves can get you a competitive rate. Rates vary by borrower profile and market conditions.
Some lenders allow 10% down on jumbo. Options depend on your credit score and the lender's specific program.
Yes, if you put down less than 20%. PMI drops off once you reach 20% equity in the home.
Conventional loans typically close faster. Jumbo underwriting is more intensive and can add time to the process.
Yes, but lenders scrutinize income harder on jumbo. Expect to provide two years of tax returns and business financials.