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Conventional Loans in Parlier
Parlier's housing market runs affordable compared to coastal California. Most properties fall well within conventional loan limits.
Conventional loans dominate purchase financing here. Borrowers with solid credit get better rates than government programs.
Rural Housing loans compete in this area, but conventional beats them on speed. Closings happen 10-15 days faster on average.
You need 620 minimum credit for conventional approval. Best pricing kicks in at 740.
Down payment starts at 3% for first-time buyers. Expect PMI under 20% down until you hit that equity threshold.
Debt-to-income caps at 50% with strong credit and reserves. Most lenders prefer 43% or lower.
W-2 income works cleanest. Self-employed borrowers need two years tax returns showing consistent income.
About 40 of our 200+ lenders price conventional aggressively in Central Valley markets. Credit unions often beat big banks by 0.125-0.25%.
Overlays vary wildly between lenders. One might require 680 credit while another approves at 620 for the same loan.
Portfolio lenders in Fresno County sometimes waive PMI at 10% down. Trade-off is usually 0.25% higher rate.
Shopping matters more on conventional than government loans. Rate spreads hit 0.5% between best and worst lender pricing.
Parlier buyers often qualify conventional but get pushed toward FHA by captive lenders. That costs them money long-term.
Run both conventional and FHA when credit sits 640-680. Conventional wins if monthly savings exceed PMI difference.
Agricultural income qualifies but needs clean documentation. Lenders want consistent deposits, not seasonal spikes smoothed over time.
Appraisals come in tight here. Low comps mean purchase price better match recent sales or deal dies.
FHA requires 3.5% down versus 3% conventional. But FHA sticks you with lifetime mortgage insurance on loans over 90% LTV.
VA beats conventional if you qualify. Zero down, no PMI, lower rates typically.
Jumbo loans kick in above $806,500 in 2025. Parlier rarely hits that threshold.
Portfolio products make sense under 620 credit. Above that score, conventional wins on cost and terms.
Well water and septic systems trigger extra inspections. Lenders want proof both function and meet county codes.
Older homes in central Parlier sometimes appraise below contract. Budget for potential renegotiation or extra cash.
Agricultural zoning affects some properties. Lenders get nervous about commercial use even if it's grandfathered.
Fire insurance runs higher than metro areas. Factor $100-150 monthly into qualification calculations.
Minimum 620 but you'll pay premium pricing. Hit 740 for best rates and lowest fees.
No. 3% programs require first-time buyer status. You need 5% minimum as repeat purchaser.
Yes at 78% loan-to-value based on original purchase price. You can request removal at 80%.
Yes if documented through tax returns showing two-year history. Lenders need consistent income, not seasonal spikes.
Conventional costs less long-term above 680 credit. FHA works better with lower scores or high DTI.
Yes but lender requires water quality test and flow certification. Budget $400-600 for inspections.
Mortgage financing for independent contractors and freelancers who earn 1099 income instead of traditional W-2 wages.
Mortgage programs that allow borrowers to qualify based on liquid assets rather than traditional employment income.
Non-QM loans that use 12 to 24 months of bank statements to verify income for self-employed borrowers.
Short-term financing that bridges the gap between buying a new property and selling an existing one.
Debt Service Coverage Ratio loans that qualify investors based on a rental property's income rather than personal income.
Mortgage programs designed for non-US citizens and non-permanent residents who want to purchase property in the United States.
Asset-based short-term loans primarily used by real estate investors for property acquisition and renovation projects.
Mortgages that allow borrowers to pay only the interest for an initial period, resulting in lower monthly payments upfront.
Financing solutions tailored for real estate investors purchasing rental properties, fix-and-flip projects, or investment portfolios.
Home loans for borrowers who have an Individual Taxpayer Identification Number instead of a Social Security number.
Adjustable rate mortgages held in a lender's portfolio rather than sold on the secondary market, offering more flexible terms.
Non-QM mortgages that use a CPA-prepared profit and loss statement to verify income for self-employed borrowers.
Home loans with interest rates that adjust periodically based on market conditions after an initial fixed-rate period.
Specialized mortgage programs designed to support homeownership in underserved communities with flexible qualification criteria.
Mortgages that meet the guidelines and loan limits set by Fannie Mae and Freddie Mac for secondary market purchase.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
Innovative loan products that leverage projected home equity growth to provide favorable financing terms.
Government-insured mortgages from the Federal Housing Administration with low down payments and flexible credit requirements.
A revolving line of credit secured by your home equity that allows you to borrow funds as needed during a draw period.
A fixed-rate second mortgage that provides a lump sum of cash by borrowing against the equity built in your home.
Mortgages that exceed the conforming loan limits set by the FHFA, designed for financing high-value luxury properties.
Loans for homeowners aged 62 and older that convert home equity into cash without requiring monthly mortgage payments.
Government-backed zero down payment mortgages for eligible rural and suburban homebuyers who meet income limits.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.