Question 1

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

Accepted Answer

Lenders require a 620 minimum. But in this price range, you want 740+ to access competitive rates.

Question 2

Can I avoid PMI on a conventional loan here?

Accepted Answer

Yes. Put 20% down and PMI never applies. It also cancels automatically once you reach 20% equity.

Question 3

What is the conforming loan limit for Orange County?

Accepted Answer

Orange County qualifies for high-balance conforming limits set by Fannie Mae and Freddie Mac. Confirm the current limit before locking a loan.

Question 4

How does a conventional loan compare to jumbo in San Clemente?

Accepted Answer

Conforming conventional loans have stricter size caps but easier approval standards. Jumbo loans cover higher amounts with tighter reserve and income requirements.

Question 5

Do conventional loans work for San Clemente condos?

Accepted Answer

Only in approved condo projects. The project must meet Fannie Mae or Freddie Mac guidelines — not all San Clemente condos qualify.

Question 6

Is now a good time to get a conventional loan?

Accepted Answer

Rates vary by borrower profile and market conditions. Slower buyer demand can create negotiating room that offsets a higher rate.

Conventional Loans in San Clemente, CA