Question 1

What is the conforming loan limit in Kerman?

Accepted Answer

Fresno County follows standard conforming limits, not high-cost area limits. For 2024, the baseline limit is $766,550 for single-family homes. Your specific limit depends on the number of units in the property.

Question 2

Can I use a conforming loan for an investment property in Kerman?

Accepted Answer

Yes, conforming loans work for investment properties with higher down payments and rates. You'll typically need 15-25% down and meet stricter credit requirements than primary residence purchases.

Question 3

How does mortgage insurance work on conforming loans?

Accepted Answer

PMI applies when you put down less than 20%. It costs 0.3-1.5% of the loan amount annually and cancels automatically at 78% LTV. You can request cancellation at 80% LTV.

Question 4

What credit score gives me the best conforming loan rates?

Accepted Answer

Scores of 740 and above receive the best pricing tiers. You can still qualify with a 620 score, but rates improve significantly as your score increases above 680.

Question 5

How long does conforming loan approval take in Kerman?

Accepted Answer

Most conforming loans close in 30-45 days with complete documentation. Pre-approval takes 1-3 days, and underwriting typically completes within two weeks if your file is properly prepared.

Conforming Loans in Kerman, CA: Your Path to Affordable Home Financing