Question 1

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

Accepted Answer

You need at least 620 to qualify. For the best rates in this market, aim for 740 or higher.

Question 2

Can I put less than 20% down on a conventional loan?

Accepted Answer

Yes. First-time buyers can put as little as 3% down. You'll pay PMI until you reach 20% equity.

Question 3

How does conventional compare to FHA for Elk Grove buyers?

Accepted Answer

Conventional PMI cancels at 20% equity. FHA mortgage insurance often lasts the life of the loan.

Question 4

What is the conforming loan limit for Sacramento County?

Accepted Answer

Conforming limits set the ceiling for conventional loan pricing. Loans above that limit fall into jumbo territory with different requirements.

Question 5

Does a conventional loan work for new construction in Elk Grove?

Accepted Answer

Yes — and it's often the cleanest path. New builds appraise predictably, which helps conventional closings go smoothly.

Question 6

Why use a broker instead of a bank for a conventional loan?

Accepted Answer

A broker shops your file across 200+ wholesale lenders. You get pricing a single bank can't match.

Conventional Loans in Elk Grove, CA