Question 1

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

Accepted Answer

Most lenders require a minimum credit score of 620 for conventional loans. Higher scores above 740 typically qualify for the best rates and terms available.

Question 2

Can I buy a Banning investment property with a conventional loan?

Accepted Answer

Yes, conventional loans work for investment properties in Banning. Expect higher down payment requirements and interest rates compared to primary residence financing.

Question 3

How much down payment do I need in Banning?

Accepted Answer

Down payments for conventional loans start at 3% for qualified first-time buyers. Putting down 20% eliminates private mortgage insurance and reduces monthly payments.

Question 4

What property types in Banning qualify for conventional loans?

Accepted Answer

Conventional loans cover single-family homes, condos, townhomes, and multi-unit properties up to four units. The property must meet lender appraisal standards.

Question 5

How long does conventional loan approval take in Riverside County?

Accepted Answer

Typical approval takes 30 to 45 days from application to closing. Pre-approval before house hunting speeds up the process significantly once you find a property.

Conventional Loans in Banning: Flexible Financing for Your Riverside County Home