Question 1

What is the conforming loan limit in Solano County?

Accepted Answer

The FHFA sets conforming limits annually. Any loan amount above that limit in Solano County requires jumbo financing.

Question 2

Are jumbo loan rates higher than conventional rates?

Accepted Answer

Not always. Jumbo rates vary by lender and borrower profile. Rates vary by borrower profile and market conditions.

Question 3

What credit score do I need for a jumbo loan?

Accepted Answer

Most jumbo lenders want 700 or higher. Some require 720+, especially for larger loan amounts.

Question 4

Can I put less than 20% down on a jumbo loan?

Accepted Answer

Some lenders allow 10% down on jumbo loans. Expect stricter requirements and possibly a higher rate.

Question 5

Do conventional loans have mortgage insurance?

Accepted Answer

Yes, if you put down less than 20%. PMI drops off once you reach 20% equity in the home.

Question 6

Which loan is faster to close?

Accepted Answer

Conventional loans typically close faster. Jumbo loans require more manual underwriting and documentation review.

Conventional vs Jumbo Loans in Benicia, CA