Question 1

What's the monthly payment on a $750,000 conforming loan in Seaside?

Accepted Answer

At 5.875% / 5.893% APR on a $750,000 conforming 30-year fixed, the principal and interest payment is $4,437 per month. Add property taxes, insurance, and HOA if applicable.

Question 2

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

Accepted Answer

Yes. At 20% down (80% LTV), there is no PMI and no rate penalty. Below 20% down, PMI is required and never cancels unless you refinance. Conforming loans don't have the flexibility of FHA, which allows 3.5% down with mortgage insurance.

Question 3

What credit score do I need to qualify for a conforming loan in Seaside?

Accepted Answer

740 FICO is the floor for conforming loans at this price point. Some lenders go down to 700 with compensating factors like large reserves or lower debt-to-income. Above 760, you get the best rates. Below 740, you'll pay more or face tighter terms.

Question 4

How long does it take to close a conforming loan in Seaside?

Accepted Answer

Conforming loans typically close in 30 to 45 days. Underwriting is standardized—no appraisal surprises or overlays beyond FNMA/FHLMC rules. Rate locks hold for 30 to 60 days without extension fees, so you have time to shop and decide.

Question 5

Is a conforming loan better than FHA in Seaside?

Accepted Answer

It depends on your down payment. If you have 20%, conforming wins—no PMI, faster close, cleaner underwriting. If you only have 3.5% to 5% down, FHA is your only option.

Conforming 30-year fixed mortgages in Seaside: 5.875% rate on $750K loans