Loan Comparison
Conventional vs Jumbo Loan
Buying a higher-priced home in California? Understanding the difference between conforming and jumbo financing is essential.
Side-by-Side Comparison
Key differences between conventional and jumbo loans at a glance.
| Feature | Conventional Loan | Jumbo Loan |
|---|---|---|
| Loan Limit (2024) | Up to $766,550 (conforming) | Above $766,550 (non-conforming) |
| Down Payment | As low as 3%–5% for qualified buyers | Typically 10%–20% or more |
| Credit Score | Typically 620+ minimum | Typically 700–720+ minimum |
| Debt-to-Income Ratio | Up to 45–50% | Typically 43% or lower |
| Mortgage Insurance | PMI required if <20% down; removable at 80% LTV | Varies by lender; often not required with 20% down |
| Interest Rates | Typically lower; backed by Fannie/Freddie | Historically slightly higher; varies by lender |
| Reserve Requirements | Varies; often 2–6 months | Typically 6–12+ months of reserves required |
| Property Types | Primary, second home, investment | Primary, second home, investment (lender-dependent) |
Loan limits and requirements are subject to change. Contact Patron Mortgage for current program details.
When to Choose Each Loan
CONV
Consider Conventional If…
- Your loan amount is at or below $766,550
- You want the lowest possible down payment
- You prefer more flexible qualification guidelines
- You're buying a primary residence, second home, or investment property
JUMBO
Consider Jumbo If…
- Your loan amount exceeds $766,550
- You have strong credit (700+) and significant reserves
- You're purchasing a high-value property in California
- You can put down 10–20% or more
Frequently Asked Questions
More Loan Comparisons
Buying a High-Value Home in California?
Patron Mortgage works with lenders offering both conforming and jumbo programs. Get a free consultation to find the right fit.