Question 1

What's the monthly payment on a $750,000 conforming loan in Lathrop?

Accepted Answer

At 5.875% on a $750,000 loan, principal and interest run $4,437 monthly. That's on a $937,500 purchase with $187,500 down (20%). Add property taxes, insurance, and HOA if applicable — your total housing payment will be higher.

Question 2

Do I need 20% down to avoid PMI on a conforming loan?

Accepted Answer

Yes. 20% down (80% LTV) is the only way to skip PMI on a conforming loan. Anything less than 20% triggers mortgage insurance, which adds $150-$200+ monthly depending on your LTV and credit score.

Question 3

What credit score do I need to qualify for a conforming loan in Lathrop?

Accepted Answer

740 FICO is the minimum for the best rates. Lenders will go lower, but your rate will jump. At 740, you're in the sweet spot for conforming pricing in California.

Question 4

How long does it take to close a conforming loan in Lathrop?

Accepted Answer

Conforming closings typically run 30-45 days in California. Underwriting is straightforward because Fannie Mae and Freddie Mac guidelines are published and consistent. No surprises, no delays if your file is clean.

Question 5

Is a conforming loan better than FHA at this price point?

Accepted Answer

Yes, if you have 20% down. Conforming has no mortgage insurance at 80% LTV, while FHA carries insurance for life if you put down less than 10%. At $937,500 with $187,500 down, conforming is the smarter choice.

Conforming 30-year Fixed Mortgages in Lathrop, CA