Question 1

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

Accepted Answer

Minimum 620 for approval, but 700+ gets you competitive rates in Sunnyvale's market. Scores above 740 unlock the best pricing tiers across most lenders.

Question 2

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

Accepted Answer

Yes, if you have two years of vesting history showing consistent equity comp. Lenders average your RSU income over 24 months and add it to base salary for qualification.

Question 3

How much down payment do I need in Sunnyvale?

Accepted Answer

3% for first-time buyers, 5% for repeat purchasers. You'll pay PMI below 20% down, but it drops off automatically at 78% loan-to-value.

Question 4

Do conventional loans work for Sunnyvale condos?

Accepted Answer

Most condos qualify, but we pre-screen the project for Fannie Mae approval first. Older buildings sometimes fail due to deferred maintenance or high investor concentration.

Question 5

How do conventional rates compare to jumbo loans in Sunnyvale?

Accepted Answer

Jumbo rates often price within 0.25% of conventional for borrowers with 720+ credit and 20% down. We compare both options on every scenario above conforming limits.

Question 6

Can I cancel PMI on a conventional loan?

Accepted Answer

Yes, PMI drops off automatically at 78% loan-to-value through payments and appreciation. You can request removal at 80% with a new appraisal showing current value.

Conventional Loans in Sunnyvale: Flexible Financing for Silicon Valley Buyers