Question 1

What's the monthly payment on a $750,000 conventional loan in Maricopa?

Accepted Answer

At 5.875% APR on a $750,000 loan, principal and interest run $4,437 monthly. This assumes 20% down ($187,500), 740 FICO, 30-year fixed, locked April 8, 2026. Property taxes and insurance add to that total.

Question 2

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

Accepted Answer

Yes. 20% down (80% LTV) is the only way to skip PMI entirely on a conventional loan. Below 20% down, PMI stays until you hit 78% LTV or refinance. At 10% down, PMI might run $150–$250 monthly on a $750K loan.

Question 3

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

Accepted Answer

620 FICO is the floor, but rates improve sharply above 740. At 740+, you'll qualify for the best pricing. Below 680, expect higher rates or tighter underwriting. Most lenders want 640+ for smooth approval.

Question 4

How long does it take to close a conventional loan here?

Accepted Answer

Conventional loans typically close in 30–45 days. Brokers often close faster than retail banks. Straightforward files with good credit and stable income can close in 30 days. Complex situations may take 45–60 days.

Question 5

Is Maricopa under the conforming loan limit?

Accepted Answer

Yes. The conforming limit is $832,750. Your $937,500 purchase price is above that, so the loan itself is conventional but not conforming. Rates may be slightly higher than conforming loans, but you avoid jumbo overlays.

Conventional 30-year fixed mortgages in Maricopa: 5.875% with 20% down