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Gridley sits in Butte County where $937,500 homes are the norm for families stretching the conforming limit. At 5.875%, a $750,000 loan runs $4,437 monthly for principal and interest alone.
The conforming ceiling of $832,750 covers most Gridley purchases. Buyers with 20% down and a 740+ FICO qualify easily at standard rates with no PMI.
5.875%
Interest Rate
$4,437
Monthly Payment (P&I)
620
Min FICO
$750,000
Loan Amount
20% ($187,500)
Down Payment
21-30 days
Closing Timeline
Conforming Loans in Gridley
Conforming loans in Gridley require 620+ FICO, though 740+ gets the best rates. Down payments range from 5% to 20%; at 20% down there's no PMI. Butte County's median household income of $68,574 supports a $937,500 purchase with conventional financing.
Lenders verify income, assets, and employment. Most want two months of bank statements and recent pay stubs. Debt-to-income ratio typically caps at 43% for conforming loans.
Local decision guide
Use this guide to connect conforming loans eligibility, lender expectations, and local market factors before comparing payment options in Gridley.
Gridley sits in Butte County where $937,500 homes are the norm for families stretching the conforming limit. At 5.875%, a $750,000 loan runs $4,437 monthly for principal and interest alone.
The conforming ceiling of $832,750 covers most Gridley purchases. Buyers with 20% down and a 740+ FICO qualify easily at standard rates with no PMI.
Conforming loans in Gridley require 620+ FICO, though 740+ gets the best rates. Down payments range from 5% to 20%; at 20% down there's no PMI. Butte County's median household income of $68,574 supports a $937,500 purchase with conventional financing.
California's conforming market is competitive. Retail banks, credit unions, and mortgage brokers all offer conforming loans at similar rates. Brokers often beat bank rates by 10-15 basis points because they shop multiple lenders.
Underwriting timelines run 21-30 days for conforming loans. Appraisals and title work happen in parallel. Most lenders lock rates for 30 days, giving you time to close without rate risk.
Conforming loans make sense in Gridley when you're buying under $832,750 with 20% down. The rate stays low, PMI disappears, and underwriting moves fast. Above that price, jumbo loans kick in at higher rates.
At $937,500 purchase price with $187,500 down, you're right at the conforming ceiling. The 5.875% rate here beats jumbo pricing by 50+ basis points. This is the sweet spot.
FHA loans run lower rates but carry lifetime mortgage insurance if you put down less than 10%. At 20% down on a conforming loan, you skip PMI entirely. Over 30 years, that's tens of thousands saved.
VA loans offer zero down with no PMI, but you must be eligible. For non-veterans with 20% down, conforming loans deliver the same PMI-free benefit at a competitive rate.
Gridley's location in central Butte County puts you near Highway 99 for commutes to Chico or Sacramento. The conforming loan market here is straightforward—no special overlays or local restrictions.
Butte County's population of 209,470 supports stable home values. Conforming loans are the standard product here, with plenty of lender competition keeping rates tight.
At 5.875% APR on a $750,000 loan, principal and interest run $4,437 monthly. Property taxes, insurance, and HOA fees add to that. The full scenario: $937,500 purchase, $187,500 down (20%), 740 FICO, 30-day lock, April 8, 2026.
Yes. At 20% down (80% LTV), there is no PMI on a conforming loan. Below 20% down, PMI applies and increases your monthly payment. PMI cancels automatically at 78% LTV under the Homeowners Protection Act.
Minimum 620 FICO. Lenders offer better rates at 740+. At 740 FICO with 20% down, you qualify at the best available rate with no overlays or restrictions.
Typically 21-30 days from application to closing. Conforming loans follow agency guidelines with no local overlays, so underwriting moves predictably. A 30-day rate lock covers the timeline.
No. Conforming loans max out at $832,750 in Butte County. Above that, you need a jumbo loan, which carries higher rates and stricter requirements. A $937,500 purchase at $750,000 loan stays within conforming limits.