Jumbo and home loans around Monterey Bay.

A loan above the county’s limit for the number of units in the home is a jumbo loan. It is the loan amount that counts, not the price of the home, so more money down can keep a loan at or under the limit. Jumbo loans are not sold to Fannie Mae or Freddie Mac, so each lender sets its own rules on income, savings and the property.

In Santa Cruz and San Benito counties, a loan above the national baseline of $832,750 and at or under the county’s limit for a one-unit home is a high-balance conforming loan. It is still a conforming loan, although some rules differ from the ones for smaller loans.

The calculator shows where a loan amount falls, and the Loan limits page has every California county.

Monterey County, on the south side of the bay, has a limit of its own and is on the Central Coast page. Homes in Santa Cruz and San Benito counties include houses and condos in the beach towns, second homes, and rural parcels. A second home is financed under different rules from a main home. Lenders generally expect it to be for your own use for part of the year, and a home that is mainly rented out is usually treated as an investment property, which has its own rules. Rules on short-term rentals differ from place to place, so check locally before you count on rental income.

Standard home loans are written for houses people live in. On a property with acreage, a private well or a septic system, a lender looks at how the land is used, and a property that mainly earns farm or ranch income may need farm or commercial financing, which is a different kind of loan. Each lender draws that line in its own place. On a rural or unusual property an appraisal can also take longer, because there are fewer similar sales to compare it with.

Lenders require homeowners insurance, and proof of it is part of the lender’s file before a loan closes. In areas with wildfire risk it can take longer to arrange, so ask for insurance quotes early.