Question 1

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

Accepted Answer

Minimum is 620, but 740+ gets you the best rates. Most Martinez buyers we work with are in the 680-760 range. Higher scores save thousands over the loan term.

Question 2

How much down payment is required?

Accepted Answer

First-time buyers can put down 3%. Repeat buyers need 5% minimum. Anything under 20% requires PMI, which drops off once you hit 78% loan-to-value.

Question 3

Can I use a conventional loan for a condo in Martinez?

Accepted Answer

Yes, if the HOA is approved by Fannie or Freddie. We verify that before you write an offer. Most Martinez condos are approved, but always check first.

Question 4

How long does conventional loan approval take?

Accepted Answer

Full approval typically takes 3-5 weeks from application to closing. Pre-approval happens in 1-3 days. We expedite when you're competing against cash offers.

Question 5

What if I'm self-employed?

Accepted Answer

You'll need two years of tax returns showing stable or increasing income. We calculate qualifying income after deductions. Some lenders are more flexible than others with write-offs.

Conventional Loans in Martinez: Smart Financing for Contra Costa County Buyers