Loading
Loading
San Rafael sits in one of California's most expensive counties. Conventional loans are the dominant financing tool here for qualified buyers.
HousingWire flagged the 30-year fixed hitting 6.57% recently, with applications dropping sharply. For conventional borrowers in Marin, rate discipline matters more than ever. Rates vary by borrower profile and market conditions.
620
Min Credit Score
3%
Min Down Payment
20% equity
PMI Removed At
6.57% market avg
30-Yr Fixed (Apr 2026)
21–30 days
Typical Close Time
Conventional Loans in San Rafael
Conventional loans require at least a 620 credit score. Most competitive rates go to borrowers at 740 or above.
You'll need 3% down for some programs, but 5-20% is typical in a market like San Rafael. Lower down payments trigger private mortgage insurance (PMI), which adds to your monthly cost.
Local decision guide
Use this guide to connect conventional loans eligibility, lender expectations, and local market factors before comparing payment options in San Rafael.
San Rafael sits in one of California's most expensive counties. Conventional loans are the dominant financing tool here for qualified buyers.
HousingWire flagged the 30-year fixed hitting 6.57% recently, with applications dropping sharply. For conventional borrowers in Marin, rate discipline matters more than ever. Rates vary by borrower profile and market conditions.
Conventional loans require at least a 620 credit score. Most competitive rates go to borrowers at 740 or above.
Most banks and credit unions offer conventional loans. But they each have their own overlays — stricter rules on top of standard guidelines.
At SRK CAPITAL, we shop across 200+ wholesale lenders. That means we find who's pricing best for your specific file, not just the lender with the biggest billboard.
San Rafael buyers often straddle the conforming loan limit. One dollar over that limit and you're in jumbo territory with different rules entirely.
We see a lot of buyers assume conventional is always better than FHA. Not true. If your credit is between 620 and 680, FHA pricing can beat conventional after you factor in PMI.
Conventional versus FHA comes down to credit score and down payment. FHA is more forgiving but adds mortgage insurance for the loan's life in most cases.
Conventional PMI is cancellable. Once you hit 20% equity, it goes away. That long-term savings advantage is real, especially in a high-value market like Marin.
Marin County's price points mean many San Rafael homes require careful loan structuring. Staying under the conforming limit saves money on rate and fees.
Condos in San Rafael can hit conventional warrantability issues. HOA finances, litigation history, and owner-occupancy ratios all affect approval. We check this before you're under contract.
Marin County qualifies for high-cost area loan limits set by FHFA. Loans above that ceiling require jumbo financing with different qualification rules.
Yes, 5% down is allowed. You'll pay PMI until you reach 20% equity, which can take years in a flat or slow-growth market.
PMI is private mortgage insurance — it protects the lender, not you. Request removal once your loan balance hits 80% of the home's value.
For credit scores above 700, conventional usually wins. Below that, run both scenarios — FHA can be cheaper depending on your down payment.
Some do, some don't. The condo project must be Fannie Mae or Freddie Mac approved. We check warrantability before you make an offer.
Expect two years of tax returns, recent pay stubs, W-2s, and two months of bank statements. Self-employed borrowers need more documentation.