Question 1

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

Accepted Answer

Lenders require a 620 minimum. You need 740 or higher to access the best rate tiers available.

Question 2

Can I avoid PMI with a conventional loan?

Accepted Answer

Yes — put 20% down and PMI never applies. It also cancels once you reach 20% equity through payments or appreciation.

Question 3

How does the conforming loan limit affect my purchase?

Accepted Answer

Borrow above the conforming limit and your loan becomes jumbo. Jumbo has stricter qualifying standards and different pricing.

Question 4

Is a conventional loan better than FHA in Orange County?

Accepted Answer

For strong-credit borrowers, conventional usually wins on total cost. FHA makes more sense when your credit score is below 680.

Question 5

Do HOA fees affect my conventional loan approval in Mission Viejo?

Accepted Answer

HOA dues count toward your debt-to-income ratio. Higher dues reduce how much home you can qualify for.

Conventional Loans in Mission Viejo, CA