Question 1

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

Accepted Answer

Minimum 620, but you'll pay premium pricing below 700. We see best rates at 740+ with costs dropping significantly at each 20-point tier above that threshold.

Question 2

How much do I need for a down payment?

Accepted Answer

3% for first-time buyers, 5% for repeat buyers. Put down 20% to eliminate mortgage insurance and get the strongest rate and negotiating position.

Question 3

Is conventional better than FHA in Walnut Creek?

Accepted Answer

Yes if you have 680+ credit. Conventional costs less monthly and long-term because mortgage insurance drops off and rates run lower for qualified borrowers.

Question 4

Can I use conventional financing for a Walnut Creek condo?

Accepted Answer

Most condos qualify, but some complexes have approval issues. We verify project eligibility before you make an offer to avoid surprises during underwriting.

Question 5

What's the maximum loan amount for conventional in Contra Costa County?

Accepted Answer

Conforming limit is $766,550 for 2024. Above that you need jumbo financing, which typically costs more and requires larger down payments.

Question 6

How long does conventional loan approval take?

Accepted Answer

Full approval in 7-10 days with complete documentation. Closes typically happen in 21-30 days, faster than FHA or VA because fewer hoops.

Conventional Loans in Walnut Creek: Flexible Financing for Strong Borrowers