Question 1

What's the conforming loan limit in Fresno County?

Accepted Answer

The 2026 conforming limit is $832,750. Loans above that amount are jumbo and carry different rates and terms. Most Clovis buyers stay below this threshold.

Question 2

Is Fresno County an FHA high-cost area?

Accepted Answer

No. Fresno County is not a high-cost area for FHA. The FHA limit here is $541,287. Standard FHA rules apply—3.5% down, mortgage insurance for the life of the loan.

Question 3

Can I get a VA loan with zero down in Clovis?

Accepted Answer

Yes. VA loans in Fresno County go up to $832,750 with zero down. No down payment, no PMI, no prepayment penalty. The funding fee rolls into the loan amount.

Question 4

How much do I need to put down on a conventional loan?

Accepted Answer

Conventional loans typically require 3% to 20% down. Less than 20% means PMI. At 5% down, you're looking at a meaningful monthly cost. 20% down skips PMI entirely.

Question 5

What credit score do I need to qualify?

Accepted Answer

Most lenders want 620 or higher for FHA and 640 or higher for conventional. VA has no hard floor, but lenders typically want 580+. Higher scores get better rates.

Question 6

How does the Fresno restaurant boom affect the Clovis market?

Accepted Answer

Fresno's restaurant scene is booming with 17+ new establishments in development. That activity signals economic growth and draws younger buyers to the broader Fresno-Clovis area. More jobs mean more qualified borrowers.

Question 7

What income do I need to qualify for a mortgage in Clovis?

Accepted Answer

Fresno County's median household income is $71,434. Lenders typically want your debt-to-income ratio below 43%. On a $71,434 income, that's roughly $3,060 in total monthly debt (mortgage, car, credit cards).

Question 8

Do I need 20% down to avoid PMI?

Accepted Answer

Yes. 20% down is the only way to skip PMI on a conventional loan. Below 20%, PMI applies until you hit 20% equity or refinance. FHA and VA have different structures entirely.

Question 9

How long does closing take in Fresno County?

Accepted Answer

Conventional loans typically close in 30 to 45 days. FHA and VA can take 45 to 60 days because of additional inspections and appraisal reviews. Jumbo loans often run 45 to 60 days as well.

Question 10

What's the difference between FHA and conventional?

Accepted Answer

FHA requires 3.5% down and mortgage insurance for the life of the loan. Conventional starts at 3% down with PMI that drops off at 20% equity. FHA is easier to qualify for; conventional has lower long-term cost.

Question 11

Can I refinance out of PMI later?

Accepted Answer

Yes. Once you hit 20% equity through payments or appreciation, you can refinance to drop PMI. Some lenders allow PMI removal at 20% LTV without refinancing, but it's rare.

Question 12

What happens if I want to buy above the conforming limit?

Accepted Answer

Loans above $832,750 are jumbo. Jumbo rates are typically higher than conforming, down payments are often 10% to 20%, and qualification is stricter. Jumbo buyers need strong credit and reserves.

Question 13

Is a rate lock worth it in Clovis?

Accepted Answer

Rate locks protect you from rate increases during underwriting and appraisal. Most lenders offer 30-, 45-, or 60-day locks. If rates are volatile, locking early makes sense. If rates are stable, it's less critical.

Question 14

What property types qualify for a mortgage in Clovis?

Accepted Answer

Single-family homes, condos, townhouses, and multi-unit properties (2-4 units) all qualify. Investment properties and second homes have different rules. Primary residence loans are easiest to qualify for.

Question 15

How much are closing costs in Fresno County?

Accepted Answer

Closing costs typically run 2% to 5% of the loan amount. On a $400,000 loan, that's $8,000 to $20,000. Lender fees, title, appraisal, and escrow make up the bulk. Some sellers cover part of the cost.

Mortgage questions from Clovis homebuyers