Question 1

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

Accepted Answer

The minimum is 620, but 740+ gets you the best rate tiers. Most Villa Park buyers we work with are well above the minimum.

Question 2

Do conventional loans cover Villa Park home prices?

Accepted Answer

Many Villa Park homes exceed the conforming loan limit. If your loan amount goes over, you move into jumbo territory with different requirements.

Question 3

When does PMI go away on a conventional loan?

Accepted Answer

PMI cancels once you reach 20% equity in the home. You can request removal — lenders don't always do it automatically.

Question 4

How is a conventional loan different from an FHA loan?

Accepted Answer

Conventional has stricter credit requirements but no permanent mortgage insurance. FHA MIP often stays for the loan's life.

Question 5

Can I get a conventional loan on a large-lot Villa Park property?

Accepted Answer

Yes, but larger or custom lots require careful appraisal handling. We work with lenders experienced in Orange County's higher-end properties.

Question 6

What is the minimum down payment for a conventional loan?

Accepted Answer

Some conventional programs start at 3% down. Below 20%, you'll pay PMI until your equity reaches that threshold.

Conventional Loans in Villa Park, CA