Question 1

What is the conforming loan limit in Monterey County?

Accepted Answer

FHFA sets conforming limits annually. Anything above that limit in Monterey County requires a jumbo loan.

Question 2

Are jumbo rates higher than conventional rates?

Accepted Answer

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.

Question 3

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

Accepted Answer

Some lenders allow 10% down on jumbo. Options depend on your credit score and the lender's specific program.

Question 4

Do conventional loans require mortgage insurance?

Accepted Answer

Yes, if you put down less than 20%. PMI drops off once you reach 20% equity in the home.

Question 5

Which loan closes faster in Greenfield?

Accepted Answer

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

Question 6

Can self-employed borrowers qualify for jumbo loans?

Accepted Answer

Yes, but lenders scrutinize income harder on jumbo. Expect to provide two years of tax returns and business financials.

Conventional vs Jumbo Loans in Greenfield, CA