Question 1

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

Accepted Answer

You need 620 minimum, but 680 unlocks better rates and 740 gets you top pricing. Most Marina buyers with military backgrounds clear 680 easily.

Question 2

Can I use 3% down on a conventional loan here?

Accepted Answer

Yes, for primary residence purchases. Expect mortgage insurance and slightly higher rates than 5% down, but you'll still beat FHA total costs with decent credit.

Question 3

How does conventional compare to FHA in Marina?

Accepted Answer

Conventional wins with 680+ credit and 5% down. FHA's lifetime mortgage insurance and upfront fee make it expensive long-term despite easier qualification.

Question 4

Do lenders charge more for homes near Fort Ord?

Accepted Answer

Some do, some don't. We route former base area purchases to lenders who don't apply location overlays, saving you rate hits.

Question 5

How fast do conventional loans close in Marina?

Accepted Answer

Typically 25-35 days. Appraisals come back quickly because most homes are newer tract builds with abundant comparable sales nearby.

Question 6

When can I drop mortgage insurance on a conventional loan?

Accepted Answer

At 20% equity through payments or appreciation. Marina's steady price growth helps you reach that threshold faster than volatile markets.

Conventional Loans in Marina: Competitive Rates for Military Town Buyers