Question 1

What credit score do I need for conventional loans in Long Beach?

Accepted Answer

Minimum 620 FICO, but 740+ gets you the best rates and lowest fees. I see most Long Beach approvals between 680-750.

Question 2

How much should I put down on a Long Beach conventional loan?

Accepted Answer

You can go as low as 3% down, but 10-15% keeps you below jumbo limits and reduces PMI. More down means better rates.

Question 3

Can I remove PMI from a conventional loan in Long Beach?

Accepted Answer

Yes, PMI drops automatically at 78% LTV or by request at 80%. This is the biggest advantage over FHA loans.

Question 4

Do conventional loans work for Long Beach condos?

Accepted Answer

Yes, but lenders review HOA finances and owner-occupancy ratios carefully. Not all condo complexes meet conventional lending standards.

Question 5

How fast can a conventional loan close in Long Beach?

Accepted Answer

Typically 21-30 days with clean paperwork and responsive appraisers. I've closed in 18 days when everyone moves fast.

Question 6

Are conventional rates better than FHA in Long Beach?

Accepted Answer

Almost always if your credit exceeds 680. Conventional saves money upfront and monthly for qualified borrowers.

Conventional Loans in Long Beach: Competitive Rates Without Government Backing