Question 1

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

Accepted Answer

Lenders require at least 620. Scores above 740 get the best rates — anything below 700 starts costing you.

Question 2

Can I use a conventional loan to buy a beach cottage in Carpinteria?

Accepted Answer

Yes, if it meets Fannie Mae property guidelines. Second homes and investment properties face tighter requirements than primary residences.

Question 3

How does PMI work on a conventional loan?

Accepted Answer

PMI is required when you put down less than 20%. Once your equity hits 20%, you can request cancellation — unlike FHA mortgage insurance.

Question 4

Is a conventional loan better than FHA for Carpinteria buyers?

Accepted Answer

For buyers with solid credit and 10%+ down, usually yes. FHA has lower barriers but permanent mortgage insurance cuts into your monthly budget.

Question 5

What is the conforming loan limit for Santa Barbara County?

Accepted Answer

Limits adjust annually and vary by county. Ask us for the current figure — it directly determines whether you need conventional or jumbo financing.

Question 6

Should I consider an ARM given current rates?

Accepted Answer

With the 30-year fixed elevated, ARMs are worth a look. HousingWire noted a shift in ARM demand as fixed rates climbed — your timeline matters here.

Conventional Loans in Carpinteria, CA