Question 1

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

Accepted Answer

Minimum is 620, but 740+ gets you the best rates. Most competitive files in Orange County come in at 700 or above.

Question 2

Can I avoid PMI on a conventional loan?

Accepted Answer

Yes — put down 20% and PMI never appears. It also cancels automatically once your equity hits 20%.

Question 3

How does a conventional loan compare to FHA in La Palma?

Accepted Answer

With strong credit, conventional usually costs less long-term. FHA has lower entry requirements but permanent mortgage insurance on most loans.

Question 4

What is the conforming loan limit for Orange County?

Accepted Answer

Orange County qualifies for higher conforming limits than the national baseline. Ask us for the current figure — it changes annually.

Question 5

How much can I put down on a conventional loan?

Accepted Answer

As little as 3% for qualified first-time buyers. Higher down payments reduce your rate and eliminate PMI faster.

Question 6

How long does a conventional loan take to close in California?

Accepted Answer

Typically 21 to 30 days with a complete file. Delays usually come from appraisal or title — not the lender.

Conventional Loans in La Palma, CA