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in Suisun City, CA
Most Suisun City buyers stick with conventional loans because they're financing homes under $766,550. That's the 2024 conforming loan limit for Solano County.
Cross that threshold and you're in jumbo territory. Different rules, different rates, and lenders get pickier about your financials.
Conventional loans let you put down as little as 3% if you're a first-time buyer. You'll pay PMI below 20% down, but you can drop it once you hit that equity mark.
Credit standards are reasonable: 620 minimum for most programs, though 680+ gets you better pricing. Debt-to-income ratios max out around 50% with compensating factors.
Rates vary by borrower profile and market conditions. Conventional loans typically offer the lowest rates because Fannie Mae and Freddie Mac back them, reducing lender risk.
Jumbo loans finance anything above $766,550 in Solano County. No government backing means lenders carry the full risk, so they scrutinize everything harder.
Expect to put down 10-20% minimum. Some lenders want 20% just to consider your file, especially on properties over $1.5 million.
Credit requirements jump to 700 minimum at most shops, with 740+ getting you competitive pricing. Cash reserves matter too—expect to show 6-12 months of payments in the bank after closing.
The loan limit split is the obvious divider, but underwriting intensity is where you really feel the difference. Conventional loans follow Fannie Mae's automated underwriting—pretty straightforward for clean files.
Jumbo underwriters manually review everything. They want two years of tax returns, full asset documentation, and they'll question large deposits from six months back.
Rates vary by borrower profile and market conditions, but jumbos typically run 0.25-0.75% higher than conforming loans. You're paying for the extra risk lenders take without government backing.
If your Suisun City purchase stays under $766,550, conventional is the obvious play. Lower rates, easier approval, and you keep more cash for reserves or renovations.
Shopping above that limit? Jumbo is your only option. Get your credit above 740 and bank statements cleaned up before you apply—underwriters will find every irregular deposit.
Some buyers split the difference with an 80-10-10 structure: conventional first at $766,550, second lien for additional financing, 10% down. Works if you want to avoid jumbo underwriting but need more than the conforming limit.
Jumbo loans start above $766,550 in Solano County. Anything at or below that amount qualifies for conventional financing with better rates and easier approval.
Some lenders allow 10% down on jumbos, but expect higher rates and stricter credit requirements. Most shops want 15-20% to offer competitive pricing.
Jumbos carry no government backing, so lenders hold all the risk. That risk premium typically adds 0.25-0.75% to your rate depending on loan size and profile.
Yes. Conventional loans start at 620 credit score, while jumbos typically require 700 minimum and 740+ for competitive rates.
Yes. An 80-10-10 structure uses a conventional first up to $766,550, then a second lien covers additional purchase price minus your 10% down.