Question 1

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

Accepted Answer

Most lenders require a minimum 620 credit score, though 680 or higher gets you better rates. Higher scores above 740 unlock the most competitive conventional loan pricing.

Question 2

Can I buy a Moraga home with less than 20% down on a conventional loan?

Accepted Answer

Yes, conventional loans allow down payments as low as 3% for first-time buyers and 5% for repeat buyers. You'll pay private mortgage insurance until you reach 20% equity.

Question 3

How does private mortgage insurance work on conventional loans?

Accepted Answer

PMI protects the lender if you put down less than 20%. Costs vary based on your credit score and down payment. You can cancel PMI once you reach 20% equity through payments or appreciation.

Question 4

What's the difference between conventional and conforming loans?

Accepted Answer

Conforming loans are conventional loans that meet Fannie Mae and Freddie Mac limits and guidelines. All conforming loans are conventional, but some conventional loans exceed conforming limits and become jumbo loans.

Question 5

How long does conventional loan approval take in Contra Costa County?

Accepted Answer

Most conventional loans close in 30-45 days with complete documentation. Timeline depends on appraisal scheduling, title work, and your responsiveness to lender requests for information.

Conventional Loans in Moraga: Flexible Financing for Contra Costa County Buyers