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Bishop sits in the Owens Valley, surrounded by the Sierra Nevada and White Mountains. It's a small, tight market where homes move differently than coastal California.
Conventional loans are the workhorse here. No FHA red tape, no VA eligibility requirements — just clean financing for qualified buyers.
620
Min Credit Score
3%
Min Down Payment
6.57%*
30-Yr Fixed (as of Apr 2026)
80% LTV
PMI Required Above
45%
Max DTI (typical)
Conventional Loans in Bishop
Most lenders want a 620 credit score minimum. In practice, scores above 700 get meaningfully better pricing.
Down payment starts at 3% for first-time buyers. Put down 20% and you skip private mortgage insurance (PMI) entirely.
Local decision guide
Use this guide to connect conventional loans eligibility, lender expectations, and local market factors before comparing payment options in Bishop.
Bishop sits in the Owens Valley, surrounded by the Sierra Nevada and White Mountains. It's a small, tight market where homes move differently than coastal California.
Conventional loans are the workhorse here. No FHA red tape, no VA eligibility requirements — just clean financing for qualified buyers.
Most lenders want a 620 credit score minimum. In practice, scores above 700 get meaningfully better pricing.
Bishop is rural. Local bank options are limited, and their rates rarely compete with wholesale lenders who price for volume.
HousingWire flagged the 30-year fixed hitting 6.57%, with applications dropping sharply. That rate sensitivity makes lender shopping matter more, not less, for Bishop buyers. Rates vary by borrower profile and market conditions.
Appraisals are the wild card in Bishop. Comparable sales are sparse. A bad appraisal can kill a deal fast.
Work with a broker who knows how to build the comp case before the appraiser visits. It's not common knowledge, but it moves the needle.
FHA loans allow lower credit scores but add an upfront fee plus monthly mortgage insurance for the life of the loan. Conventional PMI drops off once you hit 20% equity.
Jumbo loans kick in above the conforming limit. For most Bishop purchases, conventional conforming is the right fit and the better price.
Inyo County is vast and sparsely populated. Some properties outside Bishop city limits sit on large lots or lack typical utilities. That affects how lenders classify and appraise them.
Second-home and vacation buyers are active in this region. Conventional loans handle second-home purchases cleanly, with slightly higher rates than primary residences.
Most lenders require a 620 minimum. Scores above 700 unlock better pricing and easier approval.
Yes. Conventional loans work for second homes. Expect rates slightly above primary residence pricing.
It depends on the appraisal and lender. Some rural properties need manual underwriting or specialized lenders.
Put down 20% at closing. PMI also cancels automatically once your equity reaches 20% of the home's value.
For buyers with good credit and 5%+ down, conventional usually wins. FHA carries lifetime mortgage insurance on most loans.