Question 1

What credit score do I need for conventional in Lafayette?

Accepted Answer

Minimum is 620, but you'll compete better with 700+. Higher scores unlock better rates and more lender options in this market.

Question 2

How much down payment for conventional loans?

Accepted Answer

First-time buyers start at 3%, others at 5%. You avoid PMI entirely at 20% down, which most Lafayette buyers target.

Question 3

Do conventional loans close faster than FHA?

Accepted Answer

Yes, typically 5-7 days faster. No FHA appraisal requirements or case number delays, plus appraisal waivers happen on strong deals.

Question 4

Can I remove PMI from my conventional loan?

Accepted Answer

PMI cancels automatically at 22% equity. You can request removal at 20% equity with a current appraisal showing the value.

Question 5

What happens if I put down less than 20%?

Accepted Answer

You'll pay monthly PMI until reaching 20% equity. PMI costs 0.3-1.5% annually depending on credit score and down payment size.

Conventional Loans in Lafayette: Financing Options for Contra Costa's Premium Market