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Norco sits in Riverside County where the median household income of $89,672 stretches to cover homes in the $750K-$900K range. At 5.875%, a $750,000 conventional loan runs $4,437 monthly in principal and interest alone.
The county's population of 2.45 million means steady demand for homes here. Conventional loans dominate this price tier because rates stay competitive and PMI cancels once you hit 80% equity.
5.875%
Interest Rate
$4,437
Monthly P&I
740
FICO Minimum
20% ($187.5K)
Down Payment
None at 80% LTV
PMI Status
Conventional Loans in Norco
Conventional loans in Norco require a 740 FICO minimum for the best pricing. You'll need 5-20% down; at 20% down, PMI disappears and never comes back. Below 20%, PMI stays until you reach 78% LTV through appreciation or paydown.
Riverside County's median household income of $89,672 qualifies most buyers here for $750K loans. Lenders typically want a debt-to-income ratio under 43%, which means your total monthly debt payments shouldn't exceed 43% of gross income.
Local decision guide
Use this guide to connect conventional loans eligibility, lender expectations, and local market factors before comparing payment options in Norco.
Norco sits in Riverside County where the median household income of $89,672 stretches to cover homes in the $750K-$900K range. At 5.875%, a $750,000 conventional loan runs $4,437 monthly in principal and interest alone.
The county's population of 2.45 million means steady demand for homes here. Conventional loans dominate this price tier because rates stay competitive and PMI cancels once you hit 80% equity.
Conventional loans in Norco require a 740 FICO minimum for the best pricing. You'll need 5-20% down; at 20% down, PMI disappears and never comes back. Below 20%, PMI stays until you reach 78% LTV through appreciation or paydown.
California's conventional market is split between retail banks, credit unions, and mortgage brokers. Brokers typically close faster and offer more flexibility on overlays than large banks do.
Fannie Mae and Freddie Mac set the baseline rules, but individual lenders add their own requirements. Most lenders want 6-12 months of reserves at this loan size and will verify employment within two days of closing.
Conventional 30-year fixed makes sense in Norco when you have 20% down and a 740+ FICO. At $937,500 purchase price with $187,500 down, you skip PMI entirely and lock in 5.875% with no insurance drag.
Below 20% down, FHA becomes worth comparing. FHA's lower rate comes with lifetime mortgage insurance that never cancels unless you refinance — that's real cost over 30 years.
FHA loans run lower rates than conventional but carry mortgage insurance for the life of the loan if you put down less than 10%. At 20% down, conventional wins because PMI cancels and you own equity faster.
VA loans offer zero down for eligible veterans with no PMI, but require a Certificate of Eligibility and a funding fee. If you're a veteran, VA is worth a call — zero down beats 20% down every time.
Norco's equestrian culture and large-lot homes mean many buyers here are financing $750K+ properties with stables and acreage. Conventional loans handle these rural-adjacent properties smoothly where some lenders balk.
The county's steady growth supports long-term home values. Buyers financing here typically hold for 10+ years, making the conventional 30-year fixed the natural choice over adjustable-rate options.
At 5.875% on a $750,000 loan, principal and interest run $4,437 monthly. That's based on a $937,500 purchase, $187,500 down (20%), 740 FICO, primary residence, 30-day lock as of April 8, 2026. Taxes and insurance add on top.
Yes. At 20% down (80% LTV), there is no PMI and no rate penalty. Below 20% down, PMI is required and stays until you reach 78% LTV through paydown or refinance. At 20% down, you skip it entirely.
740 FICO is the floor for the best rates. Some lenders go as low as 620, but rates climb steeply below 700. At 740+, you qualify for standard pricing without overlays.
Most conventional loans close in 30-45 days. Brokers often close faster than banks. A 30-day lock is standard, meaning your rate is guaranteed for 30 days from application to closing.
Conventional wins at 20% down because PMI cancels and you build equity faster. FHA's lower rate comes with lifetime insurance if you put down less than 10%. Call to compare both scenarios at your down payment level.