Question 1

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

Accepted Answer

Minimum is 620. You'll get the best rates at 740 or above — that's when pricing really shifts in your favor.

Question 2

Can I use farm income to qualify for a conventional loan?

Accepted Answer

Yes, but lenders require 2 years of documented self-employment or farm income. Inconsistent earnings make qualification harder.

Question 3

Do I have to pay PMI on a conventional loan?

Accepted Answer

Only if you put down less than 20%. PMI cancels once your equity hits 80% — unlike FHA insurance, which often stays longer.

Question 4

How do conventional loans compare to FHA in Madera?

Accepted Answer

FHA is easier to qualify for but carries long-term mortgage insurance. Conventional is cheaper overall for borrowers with strong credit.

Question 5

Are Madera home prices within conventional conforming limits?

Accepted Answer

Most are. Madera County pricing generally stays well within conforming limits, so jumbo financing isn't typically needed here.

Question 6

How long does a conventional loan take to close in California?

Accepted Answer

Typically 21 to 30 days for W-2 borrowers with clean files. Complex income or title issues can push that out further.

Conventional Loans in Madera, CA