Question 1

What credit score do I need for conventional in Clovis?

Accepted Answer

620 minimum to qualify, but 740+ gets you the best rates and lowest fees. Every 20-point jump below 740 costs you pricing hits.

Question 2

How much down payment is required?

Accepted Answer

You can go as low as 3% on primary residences, but 10-20% is typical in Clovis. Less than 20% means PMI until you reach 20% equity.

Question 3

Can I use gift funds for down payment?

Accepted Answer

Yes. Immediate family can gift any amount for down payment and closing costs. You need a gift letter and paper trail showing the transfer.

Question 4

How does conventional compare to FHA in Clovis?

Accepted Answer

Conventional costs less long-term because PMI cancels at 20% equity. FHA charges upfront and monthly MIP that never drops off, even after you build equity.

Question 5

What's the conforming loan limit here?

Accepted Answer

$832,750 for Fresno County. Above that, you need a jumbo loan with stricter requirements and typically higher rates.

Question 6

How long does conventional loan approval take?

Accepted Answer

15-30 days with clean documentation. Delays happen when tax returns don't match what you stated or appraisals come in low.

Conventional Loans in Clovis: Strong Credit Gets You the Best Terms