The loan amount—not the home's asking price—determines whether a mortgage exceeds the county's conforming limit. Compare written lender offers on the same assumptions before choosing a financing path.
Check the loan amount against the current limit
A jumbo loan generally exceeds the applicable conforming loan limit. The home's price alone does not tell you which loan category applies: the down payment and resulting loan amount matter. Limits can change by year and county, so check the current published limit for the property's location before assuming a loan is jumbo.
Ask lenders what documentation, reserve requirements, down payment, and appraisal process they would require for your circumstances. These are lender and loan-product questions, not neighborhood rules.
Compare like-for-like Loan Estimates
Request written Loan Estimates from multiple lenders for the same purchase price, down payment, loan term, and rate-lock assumptions. Compare the interest rate, points, lender fees, estimated taxes and insurance, total closing costs, and cash needed at closing. The lowest advertised rate is not necessarily the lowest overall cost.
For an Austin property with HOA dues, waterfront features, or unusual insurance needs, ask that the estimates reflect those costs as accurately as possible. Confirm all figures with the lender and insurer before making an offer.
Ask what a rate lock actually covers
The Consumer Financial Protection Bureau notes that a rate lock normally protects a quoted rate through a specified period, subject to the agreement and changes in the application. Check whether the Loan Estimate shows a lock, when it expires, what an extension costs, and what happens if the closing date moves.
Financing choices depend on your finances and risk tolerance. A licensed lender can explain loan terms; a qualified financial or tax adviser can address your individual planning questions.