Question 1

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

Accepted Answer

Most lenders require a 620 minimum. Scores above 740 get the best rate tiers and lowest PMI costs.

Question 2

Can I use farm income to qualify?

Accepted Answer

Yes, but lenders will average your last two years of Schedule F income. One down year lowers your qualifying amount.

Question 3

Does the property size affect conventional financing?

Accepted Answer

It can. Many conventional lenders cap financing on properties over 10 acres. Confirm the lender's guidelines before making an offer.

Question 4

How does PMI work on a conventional loan?

Accepted Answer

PMI is required when your down payment is under 20%. It cancels automatically once you reach 20% equity in your home.

Question 5

Is a conventional loan better than FHA in Glenn County?

Accepted Answer

If your credit is above 700 and you can hit 20% down, conventional usually wins. FHA makes more sense for lower scores or tighter down payments.

Conventional Loans in Orland, CA