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in Elk Grove, CA
Elk Grove has a wide price range — from starter homes to high-end properties pushing $1M+. That spread is exactly why the conventional vs jumbo decision matters here.
The loan type you choose affects your rate, down payment, and what documents you'll need. Getting this wrong costs real money.
Conventional loans stay at or below the FHFA conforming limit — $832,750 for Sacramento County in 2026. Fannie Mae and Freddie Mac buy these loans, which keeps lender risk low and rates competitive.
You'll need a 620 credit score to qualify. Put down 20% and you skip private mortgage insurance entirely. That's a significant monthly savings.
Jumbo loans kick in above $832,750. Lenders hold these on their own books, so they set their own rules — and those rules are tighter.
Most jumbo lenders want a 700+ credit score and 10-20% down. Expect to show 12 months of reserves and two years of full tax returns.
HousingWire flagged that 30-year fixed rates hit 6.57% as of early April 2026, with applications falling sharply. Jumbo rates don't always track conforming rates — they can run higher or lower depending on lender appetite. Rates vary by borrower profile and market conditions.
Underwriting is the bigger gap. Conventional loans follow standardized Fannie/Freddie guidelines. Jumbo loans are portfolio products — every lender writes their own rules.
Buy under $832,750 and conventional is almost always the cleaner path. Stronger credit, lower reserves, and more lenders competing for your business.
Go over that limit and jumbo is your only option. Make sure your credit is above 700 and you have reserves ready before you start shopping.
The 2026 conforming limit for Sacramento County is $832,750. Anything above that requires a jumbo loan.
Not always. Jumbo rates shift based on lender appetite. Rates vary by borrower profile and market conditions.
Some lenders allow 10% down on jumbo loans. You'll typically need a strong credit score and solid reserves to qualify.
Yes. Expect two years of tax returns and up to 12 months of bank statements. Conventional loans have lighter paperwork requirements.
Most conventional lenders require a 620 minimum. A higher score gets you better pricing across our lender network.
Put 20% down and PMI goes away. On jumbo loans, PMI typically isn't a factor regardless of down payment.