Question 1

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

Accepted Answer

Most lenders require a 620 minimum. You need 740 or higher to access the best rate pricing.

Question 2

Can I buy a condo in Santa Ana with conventional financing?

Accepted Answer

Yes, but the condo project must be warrantable. Check approval status before you fall in love with a unit.

Question 3

How much down payment is required?

Accepted Answer

As low as 3% for first-time buyers. Anything under 20% requires private mortgage insurance (PMI).

Question 4

When does PMI go away on a conventional loan?

Accepted Answer

PMI cancels automatically when you reach 20% equity. You can also request removal once you hit that threshold.

Question 5

Is conventional better than FHA for Santa Ana buyers?

Accepted Answer

Usually yes, if your credit is above 620. Conventional has lower long-term costs and no upfront mortgage insurance premium.

Question 6

What is the conforming loan limit for Orange County?

Accepted Answer

Orange County qualifies for high-cost conforming limits. Loans above that threshold require jumbo financing instead.

Conventional Loans in Santa Ana, CA