Question 1

What's the monthly payment on a $750,000 conforming loan in Bishop?

Accepted Answer

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.

Question 2

Do I need 20% down to avoid PMI on a conforming loan?

Accepted Answer

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.

Question 3

What credit score do I need for a conforming loan in Bishop?

Accepted Answer

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.

Question 4

Can I buy above $832,750 with a conforming loan in Bishop?

Accepted Answer

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.

Question 5

How fast can I close on a conforming loan in Bishop?

Accepted Answer

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.

Conforming 30-year fixed mortgages in Bishop, CA