Question 1

What credit score do I need for conventional in Costa Mesa?

Accepted Answer

Minimum 620 to qualify, but 680+ gets you competitive rates. Below 680 often triggers higher fees that kill the conventional advantage over FHA.

Question 2

Can I buy a Costa Mesa condo with 3% down conventional?

Accepted Answer

Yes, if the complex is warrantable and you're a first-time buyer. Many older Costa Mesa condos need manual underwriting even with strong credit.

Question 3

When does conventional beat FHA in Orange County?

Accepted Answer

With 680+ credit and 5% down, conventional saves monthly and avoids lifetime mortgage insurance. FHA only wins below 640 credit or minimal down payment.

Question 4

Do Costa Mesa property prices require jumbo loans?

Accepted Answer

Most single-family homes fall under the $806,500 conforming limit. Jumbo territory starts in West Costa Mesa and waterfront-adjacent neighborhoods.

Question 5

How do Costa Mesa HOA fees affect conventional approval?

Accepted Answer

Lenders count full HOA dues in debt ratios. High fees near South Coast Plaza can drop buying power $50k-$100k compared to single-family homes.

Conventional Loans in Costa Mesa: Smart Financing for Orange County Buyers