A conforming loan fits Fannie Mae and Freddie Mac guidelines, including their maximum loan amount. A jumbo (or portfolio) loan is anything above that limit, written by a private lender to its own rules. On the limits for LA and Orange County: both are high-cost areas, so the conforming limit there sits well above the national baseline, up to the high-cost-area ceiling. FHFA resets the figures every year, so check the current conforming limit for your county rather than relying on a number that's already out of date. Above that ceiling, unless you cover the difference with a larger down payment, you're generally into jumbo or portfolio territory. Two structuring notes: - Jumbo doesn't automatically mean 20% or more down. Some jumbo and portfolio lenders go with as little as 5 to 10% down into the higher price ranges. - A combination can beat a single jumbo. A conforming (often high-balance) first mortgage with a second mortgage behind it sometimes prices better than one big loan. Which path wins depends on the price, your down payment, and current pricing, so it's worth comparing all three. That comparison, with your real numbers, is what we walk through in the free Roadmap conversation.