Question 1

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

Accepted Answer

Minimum is 620, but 740+ gets you the best rates. Even a 20-point score difference changes your pricing tier.

Question 2

Can I avoid PMI on a conventional loan?

Accepted Answer

Yes — put 20% down and PMI never applies. It also cancels automatically once you reach 20% equity.

Question 3

How does a conventional loan compare to FHA in Montclair?

Accepted Answer

Above 700 credit, conventional almost always beats FHA on total cost. FHA mortgage insurance is harder to remove.

Question 4

What's the maximum loan amount for a conventional loan in San Bernardino County?

Accepted Answer

San Bernardino County uses the standard FHFA conforming limit. Amounts above that limit require a jumbo loan.

Question 5

How much down payment do I need for a conventional loan?

Accepted Answer

As little as 3% for qualifying first-time buyers. Most move-up buyers put 10-20% down to control PMI costs.

Conventional Loans in Montclair, CA