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in Yreka, CA
Most Yreka buyers use conventional loans. These standard mortgages work for homes under the conforming loan limit, which is $806,500 in Siskiyou County for 2025.
Buy a property above that limit and you need a jumbo loan. These bigger mortgages have different approval rules and pricing than conventional financing.
Conventional loans follow Fannie Mae and Freddie Mac guidelines. You can put down as little as 3% if you're a first-time buyer, or 5% if you've owned before.
PMI applies when you put down less than 20%. Credit scores as low as 620 work for some programs, though better scores get better rates. These loans max out at $806,500 in Siskiyou County.
Rates vary by borrower profile and market conditions. Expect the tightest pricing if your credit sits above 740 and you put down 20% or more.
Jumbo loans start where conventional loans stop. In Yreka, that means any purchase above $806,500 needs jumbo financing.
These mortgages aren't backed by Fannie or Freddie. Each lender sets their own rules, but most want 10-20% down and credit scores above 700. Larger loans often require 15-20% down minimum.
Rates vary by borrower profile and market conditions. Expect stricter debt-to-income requirements than conventional loans, typically maxing at 43%.
Down payment splits these loans apart. Conventional allows 3-5% down with decent credit. Jumbo lenders want 10-20%, sometimes more for larger balances.
Credit standards run tighter on jumbo loans. A 680 score might work for conventional financing. Jumbo lenders typically want 700 or higher, with better pricing above 740.
Reserve requirements matter more on jumbo loans. Lenders want to see 6-12 months of payments sitting in your accounts after closing. Conventional loans rarely require more than 2 months of reserves.
Your purchase price decides this. Buying under $806,500 in Siskiyou County means conventional financing works. Go above that number and jumbo is your only option.
If you're close to the limit, staying under $806,500 saves you headaches. Lower down payment, easier approval, better pricing in most cases. Put another way: a $799,000 purchase is easier to finance than an $815,000 one.
Strong financial profile helps with jumbo loans. If you have 20% down, credit above 740, and solid reserves, jumbo rates can compete with conventional pricing. Weaker credit or tight cash makes jumbo loans harder to qualify for.
The conforming loan limit is $806,500 for Siskiyou County in 2025. Any loan above that amount requires jumbo financing.
Some lenders allow 10% down on jumbo loans, but most prefer 15-20% for stronger approval odds. Larger loan amounts typically require more down.
Not always. Strong credit and larger down payments can get competitive jumbo rates. Weaker profiles usually pay more on jumbo loans than conventional.
Most programs accept 620 credit. Scores above 740 unlock the best pricing and more flexible terms.
Expect 6-12 months of mortgage payments sitting in accounts after closing. Larger loans and investment properties need more reserves.
Yes, by putting down 20% or more. Some lenders offer lender-paid PMI options that roll the cost into your rate.