Question 1

What's the conforming loan limit in Monterey County?

Accepted Answer

$806,500 as of 2026. Anything above that requires jumbo financing unless you increase your down payment to stay under the threshold.

Question 2

Do jumbo loans always have higher rates?

Accepted Answer

Not always. Jumbo rates sometimes price lower because borrowers have stronger credit and larger down payments. Rates vary by borrower profile and market conditions.

Question 3

Can I avoid jumbo by putting more down?

Accepted Answer

Yes. If you're buying a $900,000 home, put down $100,000 and finance $800,000 conventional. You skip jumbo underwriting and PMI with 20% down.

Question 4

What credit score do I need for jumbo?

Accepted Answer

Most lenders want 700 minimum. Some go down to 680 with compensating factors like large reserves or low debt ratios.

Question 5

How much reserves do jumbo lenders require?

Accepted Answer

Six months of mortgage payments is standard. Higher loan amounts or multiple properties may push that to twelve months.

Conventional vs Jumbo Loans in Soledad: Which Fits Your Price Point?