Question 1

What is the conforming loan limit in Cotati?

Accepted Answer

California conforming limits apply to Cotati and Sonoma County. These limits change annually and vary based on the number of units. Contact a broker for current year limits specific to your property type.

Question 2

Can I get a conforming loan with less than 20% down?

Accepted Answer

Yes, down payments can start at 3% for qualified first-time buyers and 5% for others. You'll pay mortgage insurance until reaching 20% equity, but this allows you to purchase sooner with less cash.

Question 3

How does my credit score affect my conforming loan rate?

Accepted Answer

Higher scores unlock better rates. Borrowers above 740 typically get top-tier pricing, while scores between 620-739 face rate adjustments. Even small score improvements can save thousands over the loan term.

Question 4

What's the difference between conforming and conventional loans?

Accepted Answer

All conforming loans are conventional, but not all conventional loans are conforming. Conforming means the loan meets Fannie Mae or Freddie Mac limits and guidelines. Conventional simply means non-government-backed.

Question 5

How long does conforming loan approval take in Cotati?

Accepted Answer

Most conforming loans close in 21-30 days with complete documentation. Rush closings are possible in 14-21 days for strong borrowers. Timeline depends on appraisal scheduling and how quickly you provide requested documents.

Conforming Loans in Cotati: Competitive Rates for Sonoma County Homebuyers