Question 1

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

Accepted Answer

Minimum 620 gets you approved, but 740+ unlocks best rates. Most Los Altos buyers have scores above 760 given the competitive market and high incomes.

Question 2

Can I use RSU income to qualify for a conventional loan?

Accepted Answer

Yes, once you show 12-24 months of vesting history. Lenders average your RSU income over two years and factor it into qualifying calculations.

Question 3

Do conventional loans work for Los Altos condos?

Accepted Answer

Absolutely—conventional financing offers the most condo-friendly approval standards. We just verify the HOA meets Fannie Mae project certification requirements.

Question 4

How much do I need for a down payment in Los Altos?

Accepted Answer

3% minimum for primary residence, but 20% eliminates PMI and strengthens offers. Most Los Altos buyers put down 20-30% given equity from prior sales.

Question 5

What's the advantage of conventional over jumbo loans here?

Accepted Answer

Conventional loans under $806,500 offer lower rates and easier approval. You'll also face less scrutiny on reserves and property condition versus jumbo underwriting.

Question 6

Can I get a conventional loan with less than two years at my job?

Accepted Answer

Yes, if you're in the same industry or your income is stable. Tech workers switching companies rarely face issues given Silicon Valley's job market dynamics.

Conventional Loans in Los Altos: Smart Financing for Silicon Valley Buyers