Question 1

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

Accepted Answer

Minimum is 620. Rates improve significantly at 740+. Most buyers we close in El Dorado County land in the 700-760 range.

Question 2

Can I buy a rural property in El Dorado County with a conventional loan?

Accepted Answer

Yes, but property condition and type matter. Lenders scrutinize rural features like well, septic, and acreage more closely.

Question 3

How does PMI work on a conventional loan?

Accepted Answer

PMI is required below 20% down. It cancels automatically once your loan balance drops to 80% of the home's value.

Question 4

Is a conventional loan better than FHA for Placerville buyers?

Accepted Answer

Usually yes, if your credit is above 680. Conventional PMI is temporary. FHA mortgage insurance typically lasts much longer.

Question 5

What's the maximum loan amount for a conventional loan in El Dorado County?

Accepted Answer

El Dorado County falls under standard conforming limits set annually by the FHFA. Most Placerville purchases stay within those limits.

Question 6

How long does a conventional loan take to close in Placerville?

Accepted Answer

Typically 21-30 days with complete documentation. Rural properties or appraisal complexity can add time — plan accordingly.

Conventional Loans in Placerville, CA