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Reservoir Farms just opened its ag-tech hub in Salinas with 12 robotics startups on 24 acres. That kind of investment signals confidence in the region.
Salinas buyers at the $900K–$950K range typically put 20% down to avoid PMI. The county's median household income of $94,486 stretches to cover these prices with a co-borrower or strong savings cushion.
5.875%
Current Rate
$4,437
Monthly P&I
740
Min. FICO
20% ($187,500)
Down Payment
None
PMI at 80% LTV
30 days
Lock Period
Conforming Loans in Salinas
Conforming loans in Salinas require 740+ FICO and 20% down to skip PMI. At $937,500 purchase price, that's $187,500 down. Lenders will verify your income covers the debt — typically 43% of gross monthly income on all debts combined.
The county's median household income of $94,486 annually translates to roughly $7,874 monthly. A single borrower at that income can carry about $3,385 in total debt payments.
Local decision guide
Use this guide to connect conforming loans eligibility, lender expectations, and local market factors before comparing payment options in Salinas.
Reservoir Farms just opened its ag-tech hub in Salinas with 12 robotics startups on 24 acres. That kind of investment signals confidence in the region.
Salinas buyers at the $900K–$950K range typically put 20% down to avoid PMI. The county's median household income of $94,486 stretches to cover these prices with a co-borrower or strong savings cushion.
Conforming loans in Salinas require 740+ FICO and 20% down to skip PMI. At $937,500 purchase price, that's $187,500 down. Lenders will verify your income covers the debt — typically 43% of gross monthly income on all debts combined.
Conforming loans are the backbone of California's mortgage market. Banks, credit unions, and mortgage brokers all originate them. Rates are tighter than jumbo because Fannie Mae and Freddie Mac set the rules — no lender overlays, no exotic requirements.
Closing timelines run 30–45 days for conforming loans. Appraisals are standard, underwriting is straightforward. Brokers can shop your loan across multiple lenders to find the best rate. Retail banks lock you into their pricing.
Conforming makes sense in Salinas when you're putting 20% down and your FICO is 740+. The rate sits 0.25–0.5% below jumbo, and the underwriting is faster. At $750,000, you're well inside the $994,750 limit with no jumbo premium.
It doesn't make sense if you can't hit 20% down. FHA at 10% down carries lifetime mortgage insurance, but the rate runs lower. Conventional with 10% down means PMI that cancels at 78% LTV — do the math on your timeline before choosing.
FHA loans let you put 10% down instead of 20%, but the mortgage insurance never cancels unless you refinance. Over 30 years, that's tens of thousands in extra payments. Conforming at 20% down has no insurance at all.
VA loans offer zero down for eligible veterans with no PMI. If you qualify, VA beats conforming on down payment. If you're not VA-eligible, conforming at 20% down is the cleanest path to avoid insurance costs.
Monterey County just approved $9.5 million in Measure AA projects for roads, parks, and public safety. That's real infrastructure money flowing into the region. Buyers who hold long-term benefit from county-level investment in schools and transit.
Navigator Charter Schools is launching three TK-12 campuses in Salinas starting 2026-27. School choice matters for families. New educational options can stabilize neighborhoods and support home values over the decade you're financing.
At 5.875% on a $750,000 loan, principal and interest run $4,437 monthly. Add property taxes, homeowners insurance, and HOA if applicable.
Yes. At 20% down (80% LTV), there is no PMI. Below 20% down, PMI is required and stays until you hit 78% LTV. At 10% down, PMI cancels automatically after 11 years of on-time payments.
Conforming loans typically require 740+ FICO for the best rates. Some lenders go as low as 680 FICO, but your rate climbs 0.5–1% and you'll need 25% down instead of 20%. Call to discuss your specific score.
Conforming sits $994,750 under the limit, so no jumbo premium applies. Jumbo loans above that limit carry 0.25–0.5% higher rates and require 20% down plus 6–12 months reserves. At $750K, conforming is the simpler choice.
Your rate locks for 30 days while the appraisal and underwriting happen. If closing takes longer, you can extend the lock for a fee. Most Salinas closings finish within 30–40 days, so the standard lock covers you.