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Clearlake sits in Lake County — one of California's most affordable markets. Conventional loans fit well here because home prices stay well below conforming loan limits.
HousingWire flagged a 10.4% drop in mortgage applications as the 30-year fixed hit 6.57%. For Clearlake buyers, that rate pressure matters less when purchase prices are lower.
620
Min Credit Score
3%
Min Down Payment
20% equity
PMI Cancels At
Varies by profile
30-Yr Fixed (Apr 2026)
200+
Lenders Shopped
Conventional Loans in Clearlake
Most conventional loans require a 620 minimum credit score. Better scores unlock lower rates — 740+ puts you in the best pricing tier.
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 Clearlake.
Clearlake sits in Lake County — one of California's most affordable markets. Conventional loans fit well here because home prices stay well below conforming loan limits.
HousingWire flagged a 10.4% drop in mortgage applications as the 30-year fixed hit 6.57%. For Clearlake buyers, that rate pressure matters less when purchase prices are lower.
Most conventional loans require a 620 minimum credit score. Better scores unlock lower rates — 740+ puts you in the best pricing tier.
Clearlake is a rural market. Not every lender wants to touch it. Some retail banks pass on Lake County deals due to limited appraisal comps.
We work with 200+ wholesale lenders. Several specialize in rural California markets and price these loans competitively where others won't.
The biggest issue we see in Clearlake: appraisals. Low sale volume means fewer comps. A weak appraisal can tank your deal if the lender isn't rural-market savvy.
Choose a lender who knows how to work with limited comparables. That's not something you'll get from an online rate quote — it takes experience in this county.
FHA loans allow a 580 credit score and 3.5% down. But FHA charges mortgage insurance for the life of the loan. Conventional PMI drops off once you hit 20% equity.
If your credit is above 680, conventional almost always beats FHA on total cost. Run both scenarios — we do this for every client.
Lake County has faced wildfire risk and insurance challenges. Some lenders require proof of homeowners insurance before final approval — get that lined up early.
Property condition matters more here too. Conventional loans require the home to meet basic habitability standards. Fixer-uppers may need an FHA 203k or rehab loan instead.
You need at least a 620 credit score. Scores above 740 get the best rates and lowest PMI costs.
Conventional loans require the home to be livable at closing. Major repairs usually require a rehab loan instead.
Lenders require active homeowners insurance before funding. In high-risk zones, getting coverage can be harder — start early.
For buyers with 680+ credit, conventional usually costs less over time. PMI cancels; FHA mortgage insurance often doesn't.
They can. Thin comparable sales make appraisals tricky. Working with a rural-experienced lender reduces that risk significantly.