Question 1

What are the current conforming loan limits in Atascadero?

Accepted Answer

Conforming loan limits adjust annually based on home price trends. San Luis Obispo County follows standard conforming limits rather than high-cost area limits. Check current year limits as they change each January.

Question 2

Can I use a conforming loan for an investment property in Atascadero?

Accepted Answer

Yes, conforming loans work for investment properties with higher down payments and interest rates than primary residences. Expect to put down at least 15-25% and demonstrate sufficient reserves to qualify.

Question 3

How does my credit score affect my conforming loan rate?

Accepted Answer

Credit scores significantly impact pricing, with borrowers above 740 receiving the best rates. Scores between 680-739 see moderate rate adjustments, while 620-679 face higher costs and stricter requirements.

Question 4

What's the difference between conforming and conventional loans?

Accepted Answer

All conforming loans are conventional, but not all conventional loans are conforming. Conforming loans meet Fannie Mae and Freddie Mac guidelines and limits, while conventional simply means non-government backed.

Question 5

How long does conforming loan approval take in Atascadero?

Accepted Answer

Most conforming loans close within 30-45 days with complete documentation. Timeline depends on appraisal scheduling, title work, and how quickly you provide requested documents to your lender or broker.

Conforming Loans in Atascadero: Access Competitive Rates in San Luis Obispo County