Question 1

What's the monthly payment on a $750,000 conventional loan in Carmel right now?

Accepted Answer

Principal and interest run $4,437 monthly at 5.875% on a $750,000 loan. That's based on a $937,500 purchase with $187,500 down (20% LTV). Add property taxes, insurance, and HOA if applicable — those vary by property.

Question 2

Do I need 20% down to avoid PMI on a conventional loan?

Accepted Answer

Yes. 20% down (80% LTV) is the only way to skip PMI on conventional. Below 20%, PMI is required. It cancels automatically at 78% LTV under the Homeowners Protection Act, but you'll pay it monthly until you hit that threshold.

Question 3

What credit score do I need to qualify for conventional in Carmel?

Accepted Answer

740 FICO is the floor for the best rates and terms. Some lenders go as low as 680 with compensating factors like reserves or lower debt-to-income. Call to discuss your specific profile — every lender has different overlays.

Question 4

How long does a conventional loan close in Monterey County?

Accepted Answer

30-45 days is typical for conventional loans with a broker. Retail banks may run 45-60 days. The timeline depends on appraisal turnaround, title work, and how quickly you submit documents. A broker can often shorten this.

Question 5

Is conventional better than FHA for a $750,000 purchase in Carmel?

Accepted Answer

At 20% down, conventional wins — no PMI, clean rate, no surprises. Below 15% down, FHA's lower rate and upfront MIP might save money over five years. Call for both quotes to compare your specific scenario.

Conventional 30-Year Fixed Mortgages in Carmel By The Sea