Question 1

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

Accepted Answer

Minimum is 620. You'll get meaningfully better rates at 740 or above — that's where lender pricing tiers improve.

Question 2

Can I avoid PMI on a conventional loan here?

Accepted Answer

Yes. Put 20% down and PMI never appears. Or reach 20% equity later and request cancellation.

Question 3

Are Benicia home prices within the conforming loan limit?

Accepted Answer

Most are. Solano County prices typically fall within conforming limits, keeping you in conventional — not jumbo — territory.

Question 4

How does a conventional loan compare to FHA in Benicia?

Accepted Answer

With good credit, conventional usually wins on total cost. FHA mortgage insurance sticks around longer and costs more over time.

Question 5

What's the minimum down payment on a conventional loan?

Accepted Answer

As low as 3% for first-time buyers. Otherwise 5% is the standard floor for most conventional programs.

Question 6

Should I consider an ARM given current rates?

Accepted Answer

Only if you have a defined exit — selling or refinancing within 5-7 years. Fixed rates give you certainty if your timeline is open-ended.

Conventional Loans in Benicia, CA