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Morgan Hill sits in the southern end of Santa Clara County — tech money, wine country, and solid long-term appreciation.
HousingWire just flagged that the 30-year fixed hit 6.57%, with applications dropping sharply. For conventional borrowers, rate sensitivity matters here. Rates vary by borrower profile and market conditions.
6.57%*
30-Year Fixed (Avg)
620
Min Credit Score
3%
Min Down Payment
45%
Max DTI
21–30 days
Typical Close Time
Conventional Loans in Morgan Hill
Most lenders want a 620 minimum credit score for conventional. To get competitive pricing, aim for 740 or higher.
Debt-to-income ratio — your monthly debts divided by gross income — needs to stay under 45%. Down payment starts at 3% for first-time buyers.
Local decision guide
Use this guide to connect conventional loans eligibility, lender expectations, and local market factors before comparing payment options in Morgan Hill.
Morgan Hill sits in the southern end of Santa Clara County — tech money, wine country, and solid long-term appreciation.
HousingWire just flagged that the 30-year fixed hit 6.57%, with applications dropping sharply. For conventional borrowers, rate sensitivity matters here. Rates vary by borrower profile and market conditions.
Most lenders want a 620 minimum credit score for conventional. To get competitive pricing, aim for 740 or higher.
We work with 200+ wholesale lenders. That means we're not locked into one bank's rate sheet.
Retail banks quote one rate. We shop it across dozens of lenders and find who's pricing Morgan Hill deals best that week.
Morgan Hill buyers often compete with all-cash offers from South Bay buyers. A clean pre-approval letter closes faster.
Conventional loans let sellers skip FHA inspection concerns. That's a real advantage in competitive offer situations.
FHA loans accept lower credit scores but require mortgage insurance for the life of the loan. Conventional PMI cancels automatically.
Jumbo kicks in above the conforming limit for Santa Clara County. If you're under that ceiling, conventional is almost always cheaper.
Santa Clara County has one of the highest conforming loan limits in the country. That keeps more Morgan Hill purchases in conventional territory.
Morgan Hill's mix of single-family homes and equestrian properties means appraisals can vary. Work with a broker who knows the local comps.
Most lenders require 620 minimum. Scores above 740 get the best pricing tiers.
Put 20% down and PMI never starts. Below that, it cancels automatically once you hit 80% loan-to-value.
Santa Clara County's limits are among the highest in California. More purchases stay conforming — keeping rates lower.
For borrowers with 680+ credit, usually yes. Conventional has lower lifetime mortgage insurance costs.
Typical timelines run 21-30 days with full documentation ready. Delays usually come from appraisal or title.
Yes, but acreage properties need careful appraisal review. Lenders want comps to support the value.