Loading
Loading
Bishop sits in Inyo County at the gateway to the Eastern Sierra. A $937,500 purchase with 20% down runs $4,437 per month in principal and interest at 5.875%. That's the conforming rate for a 740 FICO buyer locking 30 days.
The conforming limit here is $832,750, so homes above that price need jumbo financing. Most Bishop buyers stay under that cap. At the county's median household income of $72,432, a conforming loan pencils out cleanly for primary residences in the $750K to...
5.875%
Interest rate
$4,437
Monthly P&I
680
FICO minimum
$832,750
Conforming limit
5% to 25%
Down payment
30 days
Lock period
Conforming Loans in Bishop
Conforming loans require 620 FICO minimum, but lenders in California typically floor at 680 for the best pricing. At 740 FICO, you're in the sweet spot. Down payment ranges from 5% to 25%; 20% down (80% LTV) eliminates PMI entirely.
The county's median household income of $72,432 supports a $750K loan comfortably at a 43% debt-to-income ratio. That leaves room for property taxes, insurance, and HOA fees. Lenders verify two years of tax returns and recent pay stubs.
Local decision guide
Use this guide to connect conforming loans eligibility, lender expectations, and local market factors before comparing payment options in Bishop.
Bishop sits in Inyo County at the gateway to the Eastern Sierra. A $937,500 purchase with 20% down runs $4,437 per month in principal and interest at 5.875%. That's the conforming rate for a 740 FICO buyer locking 30 days.
The conforming limit here is $832,750, so homes above that price need jumbo financing. Most Bishop buyers stay under that cap. At the county's median household income of $72,432, a conforming loan pencils out cleanly for primary residences in the $750K to...
Conforming loans require 620 FICO minimum, but lenders in California typically floor at 680 for the best pricing. At 740 FICO, you're in the sweet spot. Down payment ranges from 5% to 25%; 20% down (80% LTV) eliminates PMI entirely.
California's conforming market is competitive. Brokers can shop your application to multiple lenders in 24 hours. Retail banks move slower but may offer relationship discounts. Correspondent lenders (the ones brokers use) fund in 21 to 30 days on average.
Conforming loans follow Fannie Mae and Freddie Mac rules, not bank overlays. That means your 740 FICO and 80% LTV qualify at the same rate everywhere.
Conforming makes sense in Bishop when you're buying $750K to $832K and have 20% down. The rate is clean, PMI disappears, and lenders compete hard for the business.
Where conforming doesn't work: if you're putting down less than 5%, or if your FICO is below 680. If you're buying above $832,750, you jump to jumbo pricing, which runs 0.375% to 0.5% higher. Bishop's market caps out around $1.2M, so jumbo is real here.
FHA loans in Bishop run lower rates but carry mortgage insurance for life if you put down less than 10%. At 3.5% down, FHA's insurance premium never cancels. Over 30 years, that's tens of thousands more than conforming's PMI at 10% down.
Conforming at 20% down beats FHA every time in Bishop if you have the cash. You pay no insurance, no upfront fee, and your rate is competitive. FHA wins only if you're stuck at 5% down and can't save to 10%.
Bishop's market is tight. Inyo County has just 18,803 people. Homes sell fast here, especially in spring. A conforming loan with a 30-day lock and a broker who knows the local title company can close in 35 days if the appraisal cooperates.
The Eastern Sierra lifestyle attracts buyers from the Bay Area and LA. Most are primary-residence buyers, not investors. That means conforming loans dominate the market. Jumbo and portfolio loans are rare. Your lender will have done dozens of Bishop deals.
At 5.875% for 30 years on a $750,000 loan, principal and interest run $4,437 per month. Add property tax, insurance, and HOA if applicable. The full scenario: 740 FICO, 80% LTV, $187,500 down, 30-day lock, priced April 8, 2026.
Yes. 20% down (80% LTV) is the only way to skip PMI on a conforming loan. Below 80% LTV, PMI applies until you hit 78% LTV through paydown. At 10% down, PMI cancels after 11 years of on-time payments.
620 FICO is the absolute minimum, but California lenders typically floor at 680 for best pricing. At 740 FICO, you're in the sweet spot. Below 680, expect rates to jump 0.5% or more.
No. The conforming limit in Inyo County is $832,750. Above that, you need a jumbo loan, which runs 0.375% to 0.5% higher in rate and requires 20% down and 700+ FICO.
With a 30-day lock and a broker familiar with local title companies, 35 days is realistic. Retail banks may take 45 days. The appraisal is the wildcard — mountain properties sometimes need a second look.