Question 1

What's the monthly payment on a $750,000 conforming loan in Crescent City?

Accepted Answer

At 5.875% on a $750,000 conforming loan, your principal and interest payment is $4,437 per month. That's on a $937,500 purchase with $187,500 down (20% LTV). Add property taxes, insurance, and HOA if applicable to get your total monthly cost.

Question 2

Do I need 20% down to avoid PMI on a conforming loan?

Accepted Answer

Yes. At 20% down (80% LTV), there is no PMI on a conforming loan. Below 20% down, PMI is required and continues until you reach 78% LTV through paydown. At 20% down, you skip PMI entirely and avoid that cost over the life of the loan.

Question 3

What credit score do I need to qualify for a conforming loan?

Accepted Answer

The minimum FICO is 620, but rates improve significantly above 740. At 740 FICO, you get the best pricing. Below 620, most lenders won't approve a conforming loan. If you're at 620-680, expect a higher rate than the 5.875% shown here.

Question 4

Can I put down less than 20% on a conforming loan?

Accepted Answer

Yes. Conforming loans allow 3% down minimum. With 3-19% down, you'll pay PMI. The mortgage insurance cost varies by LTV. At 5% down, PMI runs roughly 0.5-1% annually. At 15% down, it's lower. Call for a quote at your target down payment.

Question 5

How long does it take to close a conforming loan in Crescent City?

Accepted Answer

Conforming loans typically close in 30-45 days. Appraisals and title work move quickly because there are no jumbo overlays. If your appraisal comes back clean and employment verifies smoothly, you'll close at the faster end of that range.

Conforming 30-year fixed mortgages in Crescent City: 5.875% on $750K loans