Question 1

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

Accepted Answer

The minimum is 620, but 740 and above gets you the best pricing. Below 680, compare FHA costs carefully.

Question 2

Can I put 3% down on a conventional loan here?

Accepted Answer

Yes, some Fannie Mae programs allow 3% down for first-time buyers. You'll carry PMI until you reach 20% equity.

Question 3

How does conventional compare to FHA in Victorville?

Accepted Answer

Conventional wins on total cost if your score is 680 or higher. FHA's mortgage insurance often lasts the life of the loan.

Question 4

Do Victorville home prices stay under conforming loan limits?

Accepted Answer

Most do. San Bernardino County conforming limits cover the typical Victorville purchase price comfortably.

Question 5

When does PMI go away on a conventional loan?

Accepted Answer

PMI cancels automatically when your loan balance drops to 80% of the home's value. You can also request removal earlier.

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. Banks only quote their own rates, which are rarely the lowest.

Conventional Loans in Victorville, CA