Question 1

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

Accepted Answer

You need 620 minimum, but 680+ unlocks better rates. Most Milpitas buyers with tech jobs qualify at higher tiers.

Question 2

Can I use RSUs or stock options for income qualification?

Accepted Answer

Lenders average two years of vesting history. One strong year doesn't count—you need consistent stock compensation over time.

Question 3

How much do I need for a down payment?

Accepted Answer

You can put down 3%, but 20% avoids PMI and gets the best rates. Most Milpitas homes require larger down payments to stay competitive.

Question 4

What's the conventional loan limit in Santa Clara County?

Accepted Answer

The limit is $806,500 for single-family homes. Above that, you need a jumbo loan with stricter requirements.

Question 5

Should I choose a conventional loan over FHA in Milpitas?

Accepted Answer

Conventional beats FHA with 680+ credit. You avoid upfront mortgage insurance and PMI drops off automatically at 78% LTV.

Question 6

Do Milpitas condos require special approval?

Accepted Answer

Lenders review HOA financials and maintenance records. Properties with low reserves or deferred maintenance get rejected—we order questionnaires early.

Conventional Loans in Milpitas: Smart Financing for Silicon Valley Buyers