Question 1

What's the monthly payment on a $750,000 conventional loan in Fremont?

Accepted Answer

Principal and interest run $4,437 monthly at 5.875% on a $750K loan. Add property taxes, insurance, and HOA if applicable. This assumes 20% down ($187,500) on a $937,500 purchase with 740 FICO, locked 30 days.

Question 2

Do I need 20% down to avoid PMI on a conventional loan?

Accepted Answer

Yes. 20% down (80% LTV) is the only way to skip PMI on a conventional loan. Put 5-15% down and you'll carry PMI until hitting 78% LTV automatically. At 20% down, PMI vanishes from day one.

Question 3

What credit score do I need for a conventional loan in Fremont?

Accepted Answer

Conventional loans start at 620 FICO, but 740+ gets you the best rates and terms. Below 680, expect rate penalties or tighter overlays. Fremont's competitive market rewards higher scores.

Question 4

How long does a conventional loan close in Fremont?

Accepted Answer

Conventional loans typically close in 21-30 days. Brokers often move faster than retail banks. The timeline depends on appraisal speed, title clarity, and how quickly you provide documents.

Question 5

Is conventional better than FHA for a $937,500 home in Fremont?

Accepted Answer

Yes, if you have 20% down and 740+ FICO. Conventional's 5.875% rate plus zero PMI beats FHA's lower rate plus lifetime insurance. FHA wins only if you're putting down less than 10% and want to avoid the PMI math.

Conventional 30-Year Fixed Mortgages in Fremont, CA