Question 1

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

Accepted Answer

Minimum is 620, but 740+ gets you the best rates. Most Livermore buyers I work with come in above 700.

Question 2

Can I avoid mortgage insurance on a conventional loan?

Accepted Answer

Yes. Put 20% down and there's no PMI. Below 20%, PMI cancels once you hit 80% loan-to-value.

Question 3

How does the conforming loan limit affect Livermore buyers?

Accepted Answer

Alameda County has a high-cost conforming limit. Borrow above it and you're in jumbo territory with different rules.

Question 4

Is a conventional loan better than FHA for Livermore purchases?

Accepted Answer

Depends on your score and down payment. Above 740 with 10% down, conventional almost always wins on cost.

Question 5

What's the minimum down payment for a conventional loan here?

Accepted Answer

3% for eligible first-time buyers. Most Livermore buyers put down more to manage PMI and monthly payment.

Question 6

Do rates vary between lenders on conventional loans?

Accepted Answer

Yes, and more than most buyers realize. Shopping across wholesale lenders is how we find better pricing. Rates vary by borrower profile and market conditions.

Conventional Loans in Livermore, CA