Question 1

What credit score do I need for a jumbo loan?

Accepted Answer

Most jumbo lenders want 700 or higher. Some go to 720 for the best pricing.

Question 2

Can I put less than 20% down on a conventional loan?

Accepted Answer

Yes. Conventional allows as little as 3% down. PMI applies until you hit 20% equity.

Question 3

Are jumbo rates always higher than conventional rates?

Accepted Answer

Typically yes, but the spread varies. Rates vary by borrower profile and market conditions.

Question 4

What is the conforming loan limit in Tuolumne County?

Accepted Answer

The FHFA sets annual limits by county. Any loan above that limit is a jumbo loan.

Question 5

Do jumbo loans require more cash reserves?

Accepted Answer

Yes. Most jumbo lenders require 12 months of mortgage payments in reserves after closing.

Question 6

Which loan is faster to close in Jamestown?

Accepted Answer

Conventional typically closes faster. Jumbo has more lender-specific conditions that can add time.

Conventional vs Jumbo Loans in Jamestown, CA