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, so the limit is higher than the national baseline.

Question 2

Are jumbo rates higher than conventional rates?

Accepted Answer

Not always. Jumbo rates move independently from conforming rates. Rates vary by borrower profile and market conditions.

Question 3

How much down payment does a jumbo loan require in Petaluma?

Accepted Answer

Most jumbo lenders want at least 10-20% down. Strong credit and reserves can sometimes get you to the lower end.

Question 4

Can I get a jumbo loan with a 680 credit score?

Accepted Answer

It's possible but harder. Most jumbo lenders want 700 or above. Below that, options narrow and pricing gets worse.

Question 5

Do conventional loans have PMI?

Accepted Answer

Yes, if you put down less than 20%. Hit 20% equity and you can request removal. Jumbo loans handle this differently by lender.

Question 6

Which loan closes faster in Petaluma?

Accepted Answer

Conventional loans typically close faster. Jumbo files require more documentation and lender review time.

Conventional vs Jumbo Loans in Petaluma, CA