The high-balance conforming loan limit for 2023 in Santa Cruz County is $1,089,300.
The “low-balance” conforming loan limit for 2023 in Santa Cruz County is $726,200.
- Both loan limits above are based on a 1-unit property.
Loans between $726,200 and $1,089,300 in Santa Cruz County are considered high-balance conforming loans. High-balance loans tend to have slightly higher interest rates than loans under $726,200 (“low-balance”) and can have slightly tighter qualifying guidelines.
If you can keep your loan under $726,200 by either putting enough down and/or keeping your sales price low enough, you will be rewarded with a lower interest rate and payment.
Loans above $1,089,300 in Santa Cruz County would be considered a jumbo loan. Big banks and credit unions tend to have the most competitive rates on jumbo loans. As a mortgage broker, we are most competitive on conforming loans, which are loans under $1,089,300 in Santa Cruz County.
Having said this, as a mortgage broker, we can offer jumbo loans with easier qualifying guidelines, and we have the ability to close jumbo loans in as little as 15 days. Most big banks and credit unions have difficulty closing quickly, and their guidelines will certainly be tighter. (lower debt-to-income ratio requirements, higher reserve requirements…etc.)
If you are looking for a jumbo loan, we can either refer you to a jumbo lender with the best rates, or we would be happy to give you a hand if we are a better fit for you.
We are able to lend on 2-4 unit properties as well. Here are the conforming loan limits for multi-unit properties in Santa Cruz County…
- 2-unit property – $1,394,775
- 3-unit property – $1,685,850
- 4-unit property – $2,095,200
If you are looking for a purchase loan or a refinance in Santa Cruz County, we would love to work with you! You won’t find a lower rate and better service than Community First Mortgage.
Community First Mortgage has been in business since 1986 in the same building right here in Westlake Village, California.
Request a quick rate quote below and see how much you can save!