Question 1

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

Accepted Answer

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

Question 2

Can I put less than 20% down on a conventional loan?

Accepted Answer

Yes, some programs allow as little as 3% down. You'll pay PMI until you reach 80% loan-to-value.

Question 3

How does conventional compare to FHA in Los Banos?

Accepted Answer

Conventional usually costs less for buyers with 700+ credit. FHA suits lower scores but adds lifetime mortgage insurance on many loans.

Question 4

Do conforming loan limits affect Los Banos buyers?

Accepted Answer

Most Los Banos home prices fall inside conforming limits. That means no jumbo loan required for typical purchases.

Question 5

Can self-employed buyers use a conventional loan in Los Banos?

Accepted Answer

Yes. Lenders need two years of tax returns to verify income. Strong average income over those years is key.

Conventional Loans in Los Banos, CA