Question 1

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

Accepted Answer

Most lenders require a 620 minimum. Scores above 740 get the best rate tiers.

Question 2

Can I buy a property with acreage using a conventional loan?

Accepted Answer

It depends on the property's primary use. Lenders may decline if the land is income-producing agriculture.

Question 3

How much do I need to put down?

Accepted Answer

As little as 3% for first-time buyers. Put down 20% and you skip PMI entirely.

Question 4

What is PMI and when does it go away?

Accepted Answer

PMI is private mortgage insurance — required below 20% equity. It cancels automatically when your loan hits 80% of the home's original value.

Question 5

Are conventional rates higher than FHA rates in Merced County?

Accepted Answer

Not necessarily. Strong-credit borrowers often get better pricing on conventional. Rates vary by borrower profile and market conditions.

Question 6

Does being self-employed hurt my chances for a conventional loan?

Accepted Answer

Not if your tax returns show strong net income. Lenders use two years of returns to calculate qualifying income — write-offs can reduce what counts.

Conventional Loans in Dos Palos, CA