Question 1

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

Accepted Answer

Most lenders require a 620 minimum. Scores above 740 get the best rates in Orange County.

Question 2

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

Accepted Answer

Yes — 3% down is available for qualifying first-time buyers. You'll pay PMI until you hit 20% equity.

Question 3

How does a conventional loan differ from FHA in Placentia?

Accepted Answer

Conventional PMI cancels automatically at 80% LTV. FHA mortgage insurance typically stays for the life of the loan.

Question 4

What is the conforming loan limit for Orange County?

Accepted Answer

Orange County qualifies for higher conforming limits as a high-cost area. Confirm the current limit with us before you shop.

Question 5

Is a 30-year or 15-year conventional loan better for Placentia buyers?

Accepted Answer

A 15-year builds equity faster and carries a lower rate. A 30-year keeps monthly payments manageable in a higher-priced market.

Question 6

Can I use a conventional loan for a condo in Placentia?

Accepted Answer

Yes, but the condo project must meet Fannie Mae or Freddie Mac approval standards. We verify project eligibility before you apply.

Conventional Loans in Placentia, CA