Question 1

What is the conforming loan limit in Monterey County?

Accepted Answer

Monterey County qualifies for elevated loan limits above the national baseline. Check current Fannie Mae limits before assuming you need a jumbo loan.

Question 2

Can I buy a Pacific Grove condo with a conforming loan?

Accepted Answer

Yes, but the condo project must meet Fannie Mae or Freddie Mac approval requirements. HOA financials and owner-occupancy ratios both factor in.

Question 3

How much down payment do I need for a conforming loan?

Accepted Answer

Most conforming programs start at 3-5% down. You'll pay PMI below 20% down, but it's removable once you reach that equity threshold.

Question 4

What credit score do I need to qualify?

Accepted Answer

Lenders typically require a 620 minimum. Higher scores get better pricing — 740+ usually hits the best rate tiers.

Question 5

How does a conforming loan differ from a jumbo loan?

Accepted Answer

Conforming loans stay within Fannie Mae and Freddie Mac limits. Jumbo loans exceed those limits and require stricter credit, reserves, and documentation.

Question 6

Is a fixed or adjustable rate better for Pacific Grove buyers?

Accepted Answer

Depends on your timeline. If you plan to hold long-term, fixed conforming offers stability. Shorter horizons may favor an ARM's lower initial rate.

Conforming Loans in Pacific Grove, CA