Question 1

What credit score do I need for conventional approval in Seaside?

Accepted Answer

You need 620 minimum, but 740+ gets you the best rates. Most Seaside approvals happen between 680-750 credit scores.

Question 2

How much should I put down on a Seaside home?

Accepted Answer

3% down works for primary homes. Investment properties need 15-25% down depending on your experience as a landlord.

Question 3

Does PMI stay on conventional loans forever?

Accepted Answer

No. PMI drops automatically at 78% loan-to-value. You can request removal at 80% with an appraisal showing value growth.

Question 4

Can I use conventional financing for a Seaside rental property?

Accepted Answer

Yes. Conventional loans work for 1-4 unit investment properties. Expect 15-25% down and higher rates than owner-occupied purchases.

Question 5

How do Seaside property conditions affect conventional approval?

Accepted Answer

Conventional appraisals are strict. Older homes or properties near Fort Ord may need repairs before funding. Get a pre-inspection.

Conventional Loans in Seaside: Flexible Financing for Monterey County Buyers