Question 1

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

Accepted Answer

Lenders require a minimum 620 score, but 740+ gets the sharpest rates. Most Los Gatos buyers come in well above the floor.

Question 2

Can I use a conventional loan if the purchase price is over $1 million?

Accepted Answer

Once you clear the high-balance conforming limit, you move into jumbo territory. We'll show you which option prices better for your loan amount.

Question 3

How do I avoid PMI on a conventional loan?

Accepted Answer

Put 20% down and PMI is off the table entirely. Some lenders offer lender-paid PMI structures that trade a slightly higher rate instead.

Question 4

Is a conventional loan better than FHA in Los Gatos?

Accepted Answer

For most buyers here, yes. FHA has lower limits and requires mortgage insurance for the life of the loan in many cases.

Question 5

What's the difference between conforming and high-balance conventional loans?

Accepted Answer

High-balance conventional loans go above the standard conforming limit, up to the county cap. Santa Clara County's cap is one of the highest in California.

Question 6

How fast can a conventional loan close in Los Gatos?

Accepted Answer

A well-prepped conventional file can close in 21-30 days. Having documents ready before you write an offer is how you stay competitive.

Conventional Loans in Los Gatos, CA