Question 1

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

Accepted Answer

Lenders require a 620 minimum. For the best rates in this range, target 740 or above.

Question 2

Can I avoid mortgage insurance on a conventional loan?

Accepted Answer

Yes. Put 20% down at closing and no PMI is required. It also cancels automatically at 80% loan-to-value.

Question 3

How does conventional compare to FHA in San Benito County?

Accepted Answer

FHA allows lower credit scores but carries permanent mortgage insurance. Conventional is cheaper long-term for strong-credit borrowers.

Question 4

Are conforming loan limits high enough for Hollister home prices?

Accepted Answer

For most Hollister purchases, yes. Staying under the conforming limit keeps rates sharper and approval more straightforward.

Question 5

Do I need to be a first-time buyer for a conventional loan?

Accepted Answer

No. Conventional loans are available to all buyers. First-time buyers may access 3% down programs specifically.

Conventional Loans in Hollister, CA