Question 1

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

Accepted Answer

Most lenders require a minimum score of 620, but scores above 740 qualify for the best rates. Higher scores also increase approval odds for properties in higher price ranges.

Question 2

How much down payment is required for a conventional loan?

Accepted Answer

First-time buyers can put down as little as 3%, while most borrowers need 5% to 20%. Anything less than 20% requires private mortgage insurance until you reach 20% equity.

Question 3

Can I use a conventional loan for investment properties in Woodside?

Accepted Answer

Yes, conventional loans work for investment properties and second homes. Expect higher down payment requirements, typically 15% to 25%, and slightly higher interest rates than primary residences.

Question 4

How do conventional loans compare to jumbo loans in this area?

Accepted Answer

Many Woodside properties exceed conforming limits and require jumbo financing. Jumbo loans function similarly to conventional loans but need larger down payments and stronger credit profiles.

Question 5

How long does conventional loan approval take?

Accepted Answer

Most conventional loans close in 30 to 45 days. Pre-approval shortens this timeline, and having all documentation ready when you apply helps avoid delays during underwriting.

Conventional Loans in Woodside: Financing for Premium San Mateo County Real Estate