Question 1

What is the conforming loan limit in Orange County?

Accepted Answer

FHFA sets the limit annually for Orange County. Check current figures before assuming your Irvine purchase qualifies as conforming.

Question 2

Do conforming loans work for Irvine condos?

Accepted Answer

Yes — condos and townhomes often fall within conforming limits. The condo project itself must also meet Fannie Mae approval requirements.

Question 3

How does my credit score affect my conforming rate?

Accepted Answer

Scores below 740 trigger pricing adjustments called LLPAs. A 680 score can cost you 0.5% or more in rate versus a 760.

Question 4

Can I put 3% down on a conforming loan in Irvine?

Accepted Answer

Yes, but only for first-time buyers under certain Fannie Mae programs. You'll pay private mortgage insurance (PMI) until you hit 20% equity.

Question 5

What if my purchase price exceeds the conforming limit?

Accepted Answer

You'll need a jumbo loan. Jumbo programs require stronger reserves and sometimes stricter credit. We shop jumbo lenders too.

Question 6

Are conforming rates fixed or adjustable?

Accepted Answer

Both exist. A 30-year fixed is the most common conforming product. ARMs start lower but adjust after an initial period.

Conforming Loans in Irvine, CA: Rates, Limits & What to Expect