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in Weed, CA
Most Weed buyers need conventional loans. These mortgages work for properties under the conforming loan limit.
Jumbo loans cover homes above that threshold. In Siskiyou County, you'll need one if your loan exceeds the local conforming limit.
Conventional loans let you buy with as little as 3% down. You'll need decent credit—most lenders want 620 minimum, but 740+ gets the best rates.
These loans follow Fannie Mae and Freddie Mac guidelines. That standardization means more lenders compete for your business, which keeps rates competitive.
You'll pay PMI if you put down less than 20%. But you can drop it once you hit 20% equity, unlike FHA's mortgage insurance that sticks around.
Jumbo loans kick in when your loan exceeds conforming limits. These aren't government-backed, so lenders take on more risk.
Expect stricter requirements. Most lenders want 700+ credit and 10-20% down minimum. Some ask for cash reserves—six months of payments sitting in your account.
Rates vary by borrower profile and market conditions. Strong credit and larger down payments earn better pricing on jumbos.
The loan limit splits these two apart. In Siskiyou County, conventional loans cap at the local conforming limit—anything higher requires a jumbo.
Credit standards differ sharply. Conventional loans approve borrowers at 620. Jumbo lenders rarely go below 700.
Down payment rules shift too. You can get a conventional loan with 3% down. Jumbo loans demand 10-20% minimum, depending on the lender and loan amount.
Jumbo lenders scrutinize reserves and debt ratios harder. They want proof you can handle payments even if income drops.
Your loan amount decides this for you. If you're buying in Weed and your loan stays under the conforming limit, conventional is the move—easier qualifying, lower down payment.
Need to borrow more? You'll take a jumbo whether you want one or not. Focus on boosting your credit above 720 and saving 15-20% down to get approved with decent rates.
Some buyers near the threshold consider larger down payments to stay conventional. Running both scenarios with a broker shows which saves money long-term.
The limit varies by year and county designation. Check current FHFA limits for Siskiyou County to know where conventional ends and jumbo begins.
Yes. If a larger down payment keeps your loan under the conforming limit, you can use a conventional loan instead.
Not always. Rates vary by borrower profile and market conditions. Strong credit sometimes lands jumbo rates close to conventional.
Conventional loans have lower credit and down payment requirements. Jumbo loans demand stronger financials across the board.
You refinance into whichever loan type fits your balance. If your new loan exceeds conforming limits, it becomes a jumbo refinance.