Question 1

What is the conforming loan limit in Sonoma County?

Accepted Answer

Sonoma County has a higher-cost area limit set by the FHFA. Loans above that limit require jumbo financing.

Question 2

Do jumbo loans require a larger down payment?

Accepted Answer

Most jumbo lenders require at least 10-20% down. Some want more depending on the loan size and borrower profile.

Question 3

Are jumbo rates always higher than conventional rates?

Accepted Answer

Typically yes, though the gap narrows for very strong borrowers. Rates vary by borrower profile and market conditions.

Question 4

Can self-employed buyers qualify for jumbo loans in Healdsburg?

Accepted Answer

Yes, but lenders scrutinize income closely. You'll need two years of tax returns and strong liquid reserves.

Question 5

What credit score do I need for a jumbo loan?

Accepted Answer

Most jumbo lenders want 700 or higher. Some require 720-740 for larger loan amounts or smaller down payments.

Question 6

How many months of reserves do jumbo lenders require?

Accepted Answer

Typically 12 months of mortgage payments in liquid assets. Some lenders require more on high-balance jumbo loans.

Conventional vs Jumbo Loans in Healdsburg, CA