Question 1

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

Accepted Answer

Minimum is 620, but you need 680+ for competitive rates. Most approved borrowers in Contra Costa County have 700+ credit scores.

Question 2

How much down payment do I need?

Accepted Answer

First-time buyers can put down 3%, repeat buyers need 5% minimum. You'll pay PMI below 20% down until you reach that equity level.

Question 3

Is conventional or FHA better for Concord buyers?

Accepted Answer

Conventional wins with 5%+ down and 650+ credit. Lower PMI costs and no upfront mortgage insurance fee make it cheaper monthly.

Question 4

What is the conventional loan limit in Contra Costa County?

Accepted Answer

The conforming limit is $806,500 for 2024. Above that amount, you need a jumbo loan with different requirements and pricing.

Question 5

Can I remove PMI from a conventional loan?

Accepted Answer

Yes, PMI cancels automatically at 78% loan-to-value. You can request removal at 80% with an appraisal showing sufficient equity.

Conventional Loans in Concord: Competitive Rates for Strong Borrowers