Question 1

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

Accepted Answer

Most lenders require a 620 minimum. Higher scores get better rates — aim for 740+ to access the most competitive pricing.

Question 2

Can I qualify with seasonal agricultural income?

Accepted Answer

Yes, but you need two years of documented income history. Lenders will average the two years, so gaps or declining income can hurt your qualifying amount.

Question 3

How much do I need to put down on a conventional loan?

Accepted Answer

As little as 3% for first-time buyers on some programs. Put down 20% to eliminate PMI entirely.

Question 4

Does Soledad fall under standard Monterey County loan limits?

Accepted Answer

Yes. Loans above the Monterey County conforming limit require jumbo financing with tighter qualifying standards.

Question 5

Is a conventional loan better than FHA for Soledad buyers?

Accepted Answer

If your credit is 680+ and you can hit 20% down, conventional usually wins on long-term cost. FHA makes sense when your credit or savings need more flexibility.

Conventional Loans in Soledad, CA