Question 1

What is the conforming loan limit in Monterey County?

Accepted Answer

The FHFA sets conforming limits annually. Any loan above that threshold in Marina requires jumbo financing.

Question 2

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

Accepted Answer

Some jumbo lenders allow 10% down. Expect stricter reserve requirements and higher credit standards when going below 20%.

Question 3

Do jumbo loans have higher rates than conventional?

Accepted Answer

Not always. Jumbo rates depend on the lender and your profile. We price both across our lender network to compare. Rates vary by borrower profile and market conditions.

Question 4

What credit score do I need for a conventional loan in Marina?

Accepted Answer

Lenders require a minimum 620 credit score for conventional financing. Higher scores get better pricing.

Question 5

How much in reserves do jumbo lenders want?

Accepted Answer

Most jumbo lenders require 12 months of mortgage payments in reserves. Some programs require more for larger loan amounts.

Question 6

Can I avoid jumbo by making a larger down payment?

Accepted Answer

Yes. If you can bring your loan amount under the conforming limit, you qualify for conventional. Run the numbers before ruling it out.

Conventional vs Jumbo Loans in Marina, CA