Question 1

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

Accepted Answer

Most lenders require a 620 minimum. Scores above 740 get the best rates. Rates vary by borrower profile and market conditions.

Question 2

Can I use a conventional loan on a rural property in Kings County?

Accepted Answer

It depends on acreage and property type. Lenders get strict with agricultural land. We'll need to check the appraisal guidelines before you go under contract.

Question 3

Do I have to pay PMI on a conventional loan?

Accepted Answer

Only if you put down less than 20%. PMI cancels automatically when your loan balance drops to 78% of the home's value.

Question 4

How does conventional compare to FHA for Corcoran buyers?

Accepted Answer

Conventional wins if your credit is solid and you can hit 20% down. FHA makes more sense for lower scores or tighter down payment situations.

Question 5

I'm self-employed in agriculture — can I qualify for a conventional loan?

Accepted Answer

Yes, but lenders will average your last two years of tax returns. Low reported income is the most common reason self-employed borrowers get stuck.

Question 6

What is the conforming loan limit for Kings County?

Accepted Answer

Kings County follows the standard conforming limit. Anything above that threshold requires a jumbo loan with different qualifying standards.

Conventional Loans in Corcoran, CA