Question 1

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

Accepted Answer

Lenders require a 620 minimum. Aim for 740+ to get the best rate pricing on your Fullerton purchase.

Question 2

Can I put less than 20% down on a conventional loan?

Accepted Answer

Yes — some programs allow 3% down. You'll pay PMI until you reach 20% equity, then it cancels.

Question 3

How does PMI work on a conventional loan?

Accepted Answer

PMI is private mortgage insurance. It drops off automatically once your loan balance hits 80% of the home's value.

Question 4

Is a conventional loan better than FHA in Fullerton?

Accepted Answer

For borrowers with strong credit and 10%+ down, conventional usually wins on total cost. FHA works better for lower credit scores.

Question 5

What is the conforming loan limit for Orange County?

Accepted Answer

Orange County is a high-cost area with elevated conforming limits. Confirm the current limit before you set your purchase price.

Question 6

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

Accepted Answer

A broker shops your file across 200+ wholesale lenders. One application gets you multiple rate comparisons — a bank only shows you their own pricing.

Conventional Loans in Fullerton, CA