Question 1

What credit score do I need for a conventional loan in East Palo Alto?

Accepted Answer

You need 620 minimum to qualify, but 740+ gets you the best rates. Most competitive offers go to borrowers above 760 with clean credit history.

Question 2

How much down payment is required for conventional financing?

Accepted Answer

First-time buyers can put down just 3%. Most borrowers choose 10-20% to reduce monthly costs and eliminate PMI at the 20% threshold.

Question 3

Can I use conventional loans for investment properties in East Palo Alto?

Accepted Answer

Yes, but you'll need 15-25% down depending on property type. Investment properties require higher credit scores and larger reserves than primary residences.

Question 4

How do conventional loan limits work in San Mateo County?

Accepted Answer

The conforming limit is $806,500 for single-family homes. Above that amount, you'll need a jumbo loan with different qualification standards.

Question 5

What's the difference between conventional and FHA loans here?

Accepted Answer

Conventional requires higher credit but offers lower monthly costs for qualified borrowers. FHA accepts 580 credit but charges lifetime mortgage insurance.

Question 6

How long does conventional loan approval take in this market?

Accepted Answer

We close most conventional loans in 21-30 days. Faster closings help in competitive markets where sellers favor quick, clean offers.

Conventional Loans in East Palo Alto: Your Path to San Mateo County Homeownership