Question 1

What is the conforming loan limit in Ventura County?

Accepted Answer

FHFA sets conforming limits annually. Any loan above that limit in Ventura County requires jumbo financing. Contact us for the current figure.

Question 2

Are jumbo rates higher than conventional rates?

Accepted Answer

Not always. Jumbo rates are portfolio-priced and vary by lender. Rates vary by borrower profile and market conditions.

Question 3

What credit score do I need for a jumbo loan in Camarillo?

Accepted Answer

Most jumbo lenders want 720 or higher. Some go lower with larger down payments and strong reserves.

Question 4

Can I put 10% down on a jumbo loan?

Accepted Answer

Yes, some lenders allow it. Expect stricter reserve requirements and possibly a higher rate at that down payment tier.

Question 5

Do conventional loans require mortgage insurance?

Accepted Answer

Yes, if your down payment is below 20%. PMI drops off once you reach 20% equity in the home.

Question 6

Which loan is faster to close in Camarillo?

Accepted Answer

Conventional loans typically close faster. Jumbo underwriting is more intensive and can add time to the process.

Conventional vs Jumbo Loans in Camarillo, CA