Question 1

What credit score do I need for conventional in Parlier?

Accepted Answer

Minimum 620 but you'll pay premium pricing. Hit 740 for best rates and lowest fees.

Question 2

Can I use conventional with 3% down as a repeat buyer?

Accepted Answer

No. 3% programs require first-time buyer status. You need 5% minimum as repeat purchaser.

Question 3

Does PMI fall off automatically on conventional loans?

Accepted Answer

Yes at 78% loan-to-value based on original purchase price. You can request removal at 80%.

Question 4

Will agricultural income qualify for conventional financing?

Accepted Answer

Yes if documented through tax returns showing two-year history. Lenders need consistent income, not seasonal spikes.

Question 5

How does conventional compare to FHA in Parlier?

Accepted Answer

Conventional costs less long-term above 680 credit. FHA works better with lower scores or high DTI.

Question 6

Do conventional loans work on properties with well water?

Accepted Answer

Yes but lender requires water quality test and flow certification. Budget $400-600 for inspections.

Conventional Loans in Parlier: Strong Credit Gets Better Terms