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Conforming Loans in Chowchilla
Chowchilla sits in a sweet spot for conforming loans. Most homes here price well under the $806,500 loan limit.
This is baseline mortgage financing. You get Fannie and Freddie's best rates because lenders can sell your loan immediately.
The program rewards stable income and solid credit. Rural Madera County buyers often qualify easier than they think.
You need 620 credit minimum, though 680+ unlocks better pricing. Income must be documented through W-2s or tax returns.
Down payment starts at 3% for first-time buyers, 5% for repeat buyers. Expect mortgage insurance under 20% down.
Your debt-to-income ratio can't exceed 50% in most cases. Lenders verify employment 10 days before closing.
Every major lender offers conforming loans. The difference is in overlays—extra rules banks add beyond Fannie and Freddie guidelines.
Credit unions price aggressively in Madera County but move slower. Big banks have stricter overlays but faster closings.
We shop 200+ wholesale lenders who compete on price daily. Same loan, different lender, can swing $40/month in payment.
Chowchilla buyers often overthink this. If you're W-2 employed with decent credit, conforming loans are your default choice.
The agricultural economy here means some lenders hesitate on seasonally employed borrowers. We know which ones don't.
Lock your rate when you're 30 days from closing, not earlier. Rates vary by borrower profile and market conditions, but timing matters more than most think.
FHA loans require 3.5% down but carry permanent mortgage insurance on most deals. Conforming loans drop insurance at 20% equity.
Jumbo loans kick in above $806,500—irrelevant for 95% of Chowchilla purchases. Don't pay jumbo rates when you don't need to.
ARMs save money if you're moving in 5-7 years. Fixed conforming loans protect you if Chowchilla becomes your permanent base.
Appraisers in Madera County pull comps from a wide radius. Expect 30-45 day appraisal turnaround, not the 10 days you'd see in Fresno.
Well water and septic systems require extra inspections. Budget $500-800 for well testing that urban buyers never see.
Title companies here close slower than metro areas. Tell your lender 45 days minimum, 60 if you want breathing room.
$806,500 for single-family homes in 2024. Almost every property in Chowchilla falls under this threshold, making conforming loans the standard choice.
No. 620 gets you approved, 680 gets you good pricing, 740+ gets you the best rates. Most Chowchilla buyers land somewhere in the middle.
It doesn't change guidelines, but adds inspection requirements. Well water, septic systems, and acreage over 10 acres trigger extra documentation.
Yes, but you'll need 15-25% down and rates run 0.5-0.75% higher. Fannie and Freddie allow up to 10 financed properties total.
W-2 wages, salary, documented overtime, and consistent bonuses. Self-employed income needs two years of tax returns showing stable earnings.
Mortgage financing for independent contractors and freelancers who earn 1099 income instead of traditional W-2 wages.
Mortgage programs that allow borrowers to qualify based on liquid assets rather than traditional employment income.
Non-QM loans that use 12 to 24 months of bank statements to verify income for self-employed borrowers.
Short-term financing that bridges the gap between buying a new property and selling an existing one.
Debt Service Coverage Ratio loans that qualify investors based on a rental property's income rather than personal income.
Mortgage programs designed for non-US citizens and non-permanent residents who want to purchase property in the United States.
Asset-based short-term loans primarily used by real estate investors for property acquisition and renovation projects.
Mortgages that allow borrowers to pay only the interest for an initial period, resulting in lower monthly payments upfront.
Financing solutions tailored for real estate investors purchasing rental properties, fix-and-flip projects, or investment portfolios.
Home loans for borrowers who have an Individual Taxpayer Identification Number instead of a Social Security number.
Adjustable rate mortgages held in a lender's portfolio rather than sold on the secondary market, offering more flexible terms.
Non-QM mortgages that use a CPA-prepared profit and loss statement to verify income for self-employed borrowers.
Home loans with interest rates that adjust periodically based on market conditions after an initial fixed-rate period.
Specialized mortgage programs designed to support homeownership in underserved communities with flexible qualification criteria.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
Traditional mortgage financing not backed by a government agency, offering flexible terms and competitive rates for qualified borrowers.
Innovative loan products that leverage projected home equity growth to provide favorable financing terms.
Government-insured mortgages from the Federal Housing Administration with low down payments and flexible credit requirements.
A revolving line of credit secured by your home equity that allows you to borrow funds as needed during a draw period.
A fixed-rate second mortgage that provides a lump sum of cash by borrowing against the equity built in your home.
Mortgages that exceed the conforming loan limits set by the FHFA, designed for financing high-value luxury properties.
Loans for homeowners aged 62 and older that convert home equity into cash without requiring monthly mortgage payments.
Government-backed zero down payment mortgages for eligible rural and suburban homebuyers who meet income limits.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.