Question 1

What is the conforming loan limit in Sonoma County?

Accepted Answer

The FHFA sets conforming limits annually. Sonoma County qualifies as a high-cost area. Check current limits before assuming your loan type.

Question 2

Are jumbo rates higher than conventional rates?

Accepted Answer

Not always. Jumbo rates fluctuate independently. Rates vary by borrower profile and market conditions — get quotes for both before deciding.

Question 3

Can I put 10% down on a jumbo loan?

Accepted Answer

Some lenders allow 10% down on jumbo. Most prefer 20%. Your credit score and reserves will determine what's available to you.

Question 4

Do conventional loans work for Cloverdale homes?

Accepted Answer

Yes, for most price points. Cloverdale has a range of home values. Many buyers here stay within conforming limits and qualify conventional.

Question 5

What credit score do I need for a jumbo loan?

Accepted Answer

Plan on 700 minimum. Some lenders require 720 or higher. A lower score on a jumbo application will hurt your rate significantly.

Question 6

How many months of reserves does a jumbo loan require?

Accepted Answer

Most jumbo lenders want 12 months of mortgage payments in reserves. Conventional typically requires far less — sometimes nothing.

Conventional vs Jumbo Loans in Cloverdale, CA