Question 1

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

Accepted Answer

Most lenders require 620 minimum. Scores above 740 get the best pricing tiers.

Question 2

Can I avoid PMI on a conventional loan?

Accepted Answer

Put 20% down and PMI never starts. Below that, it cancels automatically once you hit 80% loan-to-value.

Question 3

How do conforming loan limits affect buyers in Morgan Hill?

Accepted Answer

Santa Clara County's limits are among the highest in California. More purchases stay conforming — keeping rates lower.

Question 4

Is a conventional loan better than FHA in Morgan Hill?

Accepted Answer

For borrowers with 680+ credit, usually yes. Conventional has lower lifetime mortgage insurance costs.

Question 5

How fast can I close a conventional loan?

Accepted Answer

Typical timelines run 21-30 days with full documentation ready. Delays usually come from appraisal or title.

Question 6

Do conventional loans work for Morgan Hill properties with land?

Accepted Answer

Yes, but acreage properties need careful appraisal review. Lenders want comps to support the value.

Conventional Loans in Morgan Hill, CA