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Marina sits in Monterey County, where conforming loan limits apply to most purchase transactions. These loans follow Fannie Mae and Freddie Mac guidelines, which keeps rates competitive.
HousingWire flagged the 30-year fixed hitting 6.57% with applications dropping sharply. For conforming borrowers in Marina, that rate environment makes lender selection critical. Rates vary by borrower profile and market conditions.
620
Min Credit Score
3%
Min Down Payment
6.57%*
30-Yr Fixed (Recent)
21-30 Days
Typical Close Time
80% LTV
PMI Cancels At
Conforming Loans in Marina
Most conforming loans require a 620 minimum credit score. Stronger scores — 740 and above — get you the best pricing tiers.
Down payment starts at 3% for first-time buyers on certain programs. Conventional conforming loans also require private mortgage insurance 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 Marina.
Marina sits in Monterey County, where conforming loan limits apply to most purchase transactions. These loans follow Fannie Mae and Freddie Mac guidelines, which keeps rates competitive.
HousingWire flagged the 30-year fixed hitting 6.57% with applications dropping sharply. For conforming borrowers in Marina, that rate environment makes lender selection critical. Rates vary by borrower profile and market conditions.
Most conforming loans require a 620 minimum credit score. Stronger scores — 740 and above — get you the best pricing tiers.
We work with 200+ wholesale lenders who offer conforming products. That reach lets us find pricing retail banks simply can't match.
Not every lender prices conforming loans the same way. Overlays — extra requirements above Fannie and Freddie minimums — vary widely between lenders.
Conforming loans are the cleanest product to close. Underwriting is standardized, timelines are predictable, and guidelines don't shift deal to deal.
The biggest mistake buyers make is assuming their bank's rate is competitive. One call to a wholesale broker often finds a better rate on the same loan type.
If your purchase price exceeds the conforming limit, you're looking at a jumbo loan — tighter reserves, higher credit standards, and often a higher rate.
FHA loans offer lower credit score floors but carry lifetime mortgage insurance on many terms. Conforming loans drop PMI automatically at 80% loan-to-value.
Marina's coastal Monterey County location means property values can push buyers toward the conforming ceiling. Know the current limit before you start shopping.
The former Fort Ord redevelopment has brought new construction to Marina. New builds often pair well with conforming loans due to clean title and standard appraisals.
Conforming limits are set annually by the FHFA. Check the current limit before assuming your loan qualifies — coastal counties sometimes receive higher limits.
Yes. Conforming loans allow as little as 3% down. You'll pay PMI until you reach 20% equity, then it cancels.
Scores below 680 trigger pricing adjustments called LLPAs. A 740+ score gets the cleanest pricing available.
Usually yes, if you qualify. Conforming drops PMI at 80% LTV. FHA MIP often sticks for the loan's life.
Typically 21-30 days with a complete file. Conforming underwriting is the most standardized product available.