Question 1

What down payment do I need for a conventional loan in Portola Valley?

Accepted Answer

Down payments start at 3% for eligible first-time buyers, though 20% down eliminates private mortgage insurance and strengthens applications. Higher-value properties may benefit from larger down payments.

Question 2

How does my credit score affect conventional loan rates?

Accepted Answer

Scores of 740 or higher typically qualify for the best rates, while 620 represents the general minimum. Rates vary by borrower profile and market conditions, with higher scores earning better terms.

Question 3

Can I use a conventional loan for properties with acreage?

Accepted Answer

Yes, conventional loans work for properties with land, common in Portola Valley. Lenders may require additional appraisal details and documentation for wells, septic systems, or agricultural features.

Question 4

What makes conventional loans different from FHA loans?

Accepted Answer

Conventional loans lack government backing and typically require higher credit scores and down payments. However, they offer lower costs for well-qualified borrowers and more flexible property guidelines.

Question 5

How long does conventional loan approval take in San Mateo County?

Accepted Answer

Standard timelines run 30-45 days from application to closing. Unique property features or documentation requirements may extend this period, making early preparation valuable.

Conventional Loans in Portola Valley: Financing for Silicon Valley's Premier Hillside Community