Question 1

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

Accepted Answer

Lenders require a 620 minimum. Aim for 740+ to access the best rate tiers on Orange County price points.

Question 2

Can I use a conventional loan on an Aliso Viejo condo?

Accepted Answer

Yes, but the condo project must meet Fannie Mae or Freddie Mac approval standards. HOA issues can disqualify a unit regardless of your credit.

Question 3

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

Accepted Answer

As little as 3% for first-time buyers. Put 20% down and you avoid PMI entirely.

Question 4

When does PMI go away on a conventional loan?

Accepted Answer

Lenders must cancel PMI when your equity reaches 20%. That's a key advantage over FHA, where mortgage insurance often stays for the loan's life.

Question 5

What is a high-balance conventional loan in Orange County?

Accepted Answer

It's a conventional loan above the standard conforming limit but below jumbo thresholds. Orange County qualifies, giving buyers more purchasing power before stricter jumbo rules apply.

Question 6

Why use a broker for a conventional loan instead of a bank?

Accepted Answer

A bank offers one rate. We shop across 200+ wholesale lenders to find who prices your specific loan profile most competitively this week.

Conventional Loans in Aliso Viejo, CA