Question 1

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

Accepted Answer

The minimum is 620, but 740 or higher gets you the best rates. In Santa Clara's price range, every rate improvement matters.

Question 2

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

Accepted Answer

Yes, but lender guidelines vary on how they count it. You need a lender experienced with tech compensation structures.

Question 3

How much do I need to put down on a conventional loan?

Accepted Answer

Some programs go as low as 3% down. Putting down 20% eliminates PMI and reduces your monthly payment significantly.

Question 4

What is the conforming loan limit for Santa Clara County?

Accepted Answer

Santa Clara County qualifies for high-cost area limits set by the FHFA. Purchases above that limit require jumbo financing.

Question 5

Is conventional or FHA better for buying in Santa Clara?

Accepted Answer

Conventional wins if your credit is solid — PMI cancels automatically and sellers prefer it. FHA makes sense when credit or savings are limited.

Question 6

How do I avoid paying PMI on a conventional loan?

Accepted Answer

Put down 20% or explore lender-paid PMI options. Lender-paid PMI rolls the cost into your rate instead of a monthly fee.

Conventional Loans in Santa Clara, CA