Question 1

What is the conforming loan limit in Orange County?

Accepted Answer

Orange County qualifies as a high-cost area. The single-family conforming limit is $1,089,300.

Question 2

Do I need 20% down for a conforming loan in Garden Grove?

Accepted Answer

No. You can put down as little as 3-5%. You'll pay PMI until you hit 20% equity.

Question 3

How does my credit score affect my conforming loan rate?

Accepted Answer

Scores below 740 trigger loan-level price adjustments. Those adjustments raise your effective cost noticeably.

Question 4

Can I use a conforming loan to buy a condo in Garden Grove?

Accepted Answer

Yes, but the condo project must be Fannie Mae or Freddie Mac approved. Verify that before making an offer.

Question 5

Is a conforming loan better than FHA for Garden Grove buyers?

Accepted Answer

Usually yes, if your score is 680 or higher. FHA mortgage insurance adds cost that conforming avoids at stronger credit tiers.

Question 6

What debt-to-income ratio do I need to qualify?

Accepted Answer

Most conforming lenders cap DTI at 45%. Strong credit and reserves can sometimes push that limit slightly higher.

Conforming Loans in Garden Grove, CA