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Clovis runs conventional. Most purchases here fall under conforming limits, meaning you avoid jumbo pricing. That saves you money on rate and fees compared to Fresno County's pricier pockets.
This isn't a first-time buyer market relying on FHA. Conventional loans dominate because borrowers here often have equity from previous sales or solid W-2 income. Clean credit gets rewarded.
Conventional Loans in Clovis
You need 620 minimum credit, but 740+ unlocks the best rates. Most Clovis buyers put down 10-20%. Going below 20% means PMI, but you can cancel it once you hit 20% equity.
Debt-to-income ratio caps at 50% with most lenders. Income needs documentation—two years of tax returns for self-employed, recent paystubs for W-2. No gift funds required, but they help if you're stretching.
Local decision guide
Use this guide to connect conventional loans eligibility, lender expectations, and local market factors before comparing payment options in Clovis.
Clovis runs conventional. Most purchases here fall under conforming limits, meaning you avoid jumbo pricing. That saves you money on rate and fees compared to Fresno County's pricier pockets.
This isn't a first-time buyer market relying on FHA. Conventional loans dominate because borrowers here often have equity from previous sales or solid W-2 income. Clean credit gets rewarded.
You need 620 minimum credit, but 740+ unlocks the best rates. Most Clovis buyers put down 10-20%. Going below 20% means PMI, but you can cancel it once you hit 20% equity.
We shop 200+ wholesale lenders because conventional rate spreads vary wildly. A 0.25% difference costs you $40-60 monthly on a typical Clovis purchase. Over 30 years, that's real money.
Some lenders price aggressively for high credit scores, others for low down payments. Portfolio lenders sometimes waive overlays that Fannie and Freddie don't require. Shopping matters here.
Clovis buyers often refinance out of FHA into conventional once they build equity. You drop PMI and improve your rate. We see this pattern constantly—it's the smart play if you started with 3.5% down.
Watch your timing on rate locks. Conventional pricing shifts daily based on bond markets. Lock when you're comfortable, but know that 30-day locks cost less than 60-day. We track this for you.
FHA loans cost more long-term despite lower down payments. You pay upfront MIP plus monthly premiums that never cancel. Conventional PMI drops off. Do the math on total cost, not just what you need at closing.
Jumbo loans kick in above $832,750 in Fresno County. If you're close to that line, sometimes it's cheaper to keep your loan amount just under and bring more cash. We run both scenarios.
Clovis properties appraise cleanly. Established neighborhoods with good comps mean fewer valuation surprises. That matters because low appraisals kill conventional deals—you can't just increase down payment without cash reserves.
Property taxes here run lower than coastal California but still factor into qualification. Lenders calculate your full PITI payment when checking debt ratios. HOA fees in newer developments add up, so budget accordingly.
620 minimum to qualify, but 740+ gets you the best rates and lowest fees. Every 20-point jump below 740 costs you pricing hits.
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.
Yes. Immediate family can gift any amount for down payment and closing costs. You need a gift letter and paper trail showing the transfer.
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.
$832,750 for Fresno County. Above that, you need a jumbo loan with stricter requirements and typically higher rates.
15-30 days with clean documentation. Delays happen when tax returns don't match what you stated or appraisals come in low.