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Gonzales sits in Monterey County's Salinas Valley — agricultural roots, working families, and home prices that still fit inside conforming loan limits.
HousingWire flagged a sharp drop in mortgage applications as the 30-year fixed hit 6.57%. For conforming borrowers, that rate environment means locking strategy matters now.
$832,750
Monterey County Loan Limit
620
Min Credit Score
3%
Min Down Payment
6.57%*
30-Year Fixed Benchmark
21-30 days
Typical Close Time
Conforming Loans in Gonzales
Most conforming loans require a 620 minimum credit score. Better scores — 740 and above — get you meaningfully lower rates.
Down payment starts at 3% for first-time buyers. Repeat buyers typically need 5%. Private mortgage insurance applies below 20% down.
Local decision guide
Use this guide to connect conforming loans eligibility, lender expectations, and local market factors before comparing payment options in Gonzales.
Gonzales sits in Monterey County's Salinas Valley — agricultural roots, working families, and home prices that still fit inside conforming loan limits.
HousingWire flagged a sharp drop in mortgage applications as the 30-year fixed hit 6.57%. For conforming borrowers, that rate environment means locking strategy matters now.
Most conforming loans require a 620 minimum credit score. Better scores — 740 and above — get you meaningfully lower rates.
Conforming loans are the most widely available loan type. Every major bank, credit union, and wholesale lender offers them.
Wide availability sounds like good news. The problem is rates and fees vary more than most borrowers expect. Shopping matters.
Gonzales buyers often qualify for conforming loans without needing jumbo financing. That's a real cost advantage — conforming rates price lower than jumbo.
We see W-2 borrowers miss approval because of undisclosed debt or thin credit files. Pull your credit early and fix what you can before applying.
FHA loans accept lower credit scores but add mortgage insurance for the loan's life. Conforming PMI drops off once you hit 20% equity.
ARMs can offer a lower starting rate than a 30-year fixed. But with rate volatility in April 2026, most Gonzales buyers choose the predictability of conforming fixed loans.
Monterey County's conforming loan limit sits at $832,750 as of April 2026. Most Gonzales homes price well below that ceiling.
Agricultural income — common in Gonzales — can complicate qualifying. Seasonal or variable income needs two years of tax returns showing consistent earnings.
The 2026 conforming limit in Monterey County is $832,750. Loans above that threshold require jumbo financing.
Yes, but lenders want two full years of tax returns. Income must show consistency to count toward your qualifying amount.
PMI cancels automatically when your loan balance reaches 78% of the original purchase price. You can also request removal at 80%.
Usually yes, if your credit is 660 or above. Conforming PMI cancels; FHA mortgage insurance often stays for the loan's life.
First-time buyers can put down as little as 3%. Repeat buyers typically need 5% minimum to qualify.
740 and above puts you in the top pricing tier. Scores below 680 will cost you noticeably more in rate.