Question 1

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

Accepted Answer

Minimum 620 gets you approved. You'll see significantly better rates at 740+, which matters more in Kerman's price range where small rate differences add up.

Question 2

How much down payment do I need?

Accepted Answer

First-time buyers can put down 3%. Most Kerman buyers bring 10-15% to stay competitive and reduce monthly payments.

Question 3

Is PMI required on conventional loans?

Accepted Answer

Yes, below 20% down. It drops automatically at 78% LTV, unlike FHA insurance that sticks for the life of the loan.

Question 4

Do conventional loans work for Kerman's rural properties?

Accepted Answer

Standard conventional covers most rural homes. Properties over 10 acres or with unique features might need portfolio lenders we have access to.

Question 5

How long does conventional loan approval take in Kerman?

Accepted Answer

Plan 30-45 days from application to closing. Well and septic inspections on rural properties can add a week to that timeline.

Question 6

Can self-employed borrowers in Kerman's ag sector qualify?

Accepted Answer

Yes, with two years of tax returns showing consistent income. We help document seasonal patterns lenders want to see.

Conventional Loans in Kerman: Flexible Financing for Central Valley Buyers