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Conventional Loans in Fairfield
Fairfield's middle-tier pricing makes conventional loans the default choice for most buyers. You skip government fees and get lower rates if your credit clears 740.
Solano County sits between Bay Area buyers stretching budgets and Sacramento commuters wanting space. Conventional loans work when you have 5% down and steady W-2 income.
Most Fairfield homes finance under conforming limits, which means better pricing than jumbo territory. Your broker should run conventional first before considering FHA.
You need 620 credit minimum, but real pricing starts at 680. Below that, FHA often costs less despite higher insurance.
Debt-to-income caps at 50% with strong compensating factors. Most approvals happen under 45% DTI with two years of stable employment.
Down payment ranges from 3% for first-timers to 20% for no PMI. Anything between means monthly mortgage insurance until you hit 78% loan-to-value.
We shop conventional across 200+ wholesale lenders because pricing varies wildly. The same 740 credit score gets different rates depending on loan-to-value and property type.
Credit unions sometimes beat wholesale on higher loan amounts, but they disappear on investor properties or condos. Broker access means we compare both channels.
Rate locks matter more on conventional than government loans. A quarter-point swing changes your monthly payment more when insurance is lower.
Fairfield buyers usually debate 10% down with PMI versus waiting for 20%. Running both scenarios shows the breakeven point is 4-6 years if home values appreciate normally.
Conventional crushes FHA on resale properties where sellers see lower appraisal risk. Your offer looks cleaner without FHA's strict property requirements.
If you're between 660-700 credit, compare both programs. FHA sometimes wins despite higher insurance because seller concessions offset closing costs.
FHA requires 3.5% down but adds 1.75% upfront insurance plus monthly premiums for loan life. Conventional charges monthly PMI only, which drops at 78% LTV.
Jumbo loans kick in above conforming limits with stricter credit and reserves. Fairfield stays under that threshold on most properties, keeping you in conventional range.
ARMs offer lower initial rates but reset after 5-7 years. Most Fairfield buyers choose fixed conventional to lock current rates for 30 years.
Solano County processes conventional loans faster than FHA because appraisers skip government checklists. Your close date holds more reliably.
Fairfield's mix of older ranch homes and new construction both qualify, but PMI pricing varies. Newer builds sometimes get better mortgage insurance rates.
Travis Air Force Base proximity means you're competing with VA buyers who need zero down. Conventional with 10%+ down keeps your offer competitive.
Minimum is 620, but you need 680+ for competitive rates. Below that, FHA often costs less despite higher insurance.
3% minimum for first-time buyers, 5% standard, 20% eliminates PMI. Most Fairfield buyers put down 10% and refinance out of PMI later.
Yes, if the HOA meets lender requirements for reserves and owner-occupancy ratios. We verify condo approval before you make an offer.
Conventional wins above 680 credit with lower total cost. FHA better for 620-679 scores or when you need seller concessions.
Yes, with 15-25% down depending on loan amount. Rates run 0.5-0.75% higher than owner-occupied pricing.
Mortgage financing for independent contractors and freelancers who earn 1099 income instead of traditional W-2 wages.
Mortgage programs that allow borrowers to qualify based on liquid assets rather than traditional employment income.
Non-QM loans that use 12 to 24 months of bank statements to verify income for self-employed borrowers.
Short-term financing that bridges the gap between buying a new property and selling an existing one.
Debt Service Coverage Ratio loans that qualify investors based on a rental property's income rather than personal income.
Mortgage programs designed for non-US citizens and non-permanent residents who want to purchase property in the United States.
Asset-based short-term loans primarily used by real estate investors for property acquisition and renovation projects.
Mortgages that allow borrowers to pay only the interest for an initial period, resulting in lower monthly payments upfront.
Financing solutions tailored for real estate investors purchasing rental properties, fix-and-flip projects, or investment portfolios.
Home loans for borrowers who have an Individual Taxpayer Identification Number instead of a Social Security number.
Adjustable rate mortgages held in a lender's portfolio rather than sold on the secondary market, offering more flexible terms.
Non-QM mortgages that use a CPA-prepared profit and loss statement to verify income for self-employed borrowers.
Home loans with interest rates that adjust periodically based on market conditions after an initial fixed-rate period.
Specialized mortgage programs designed to support homeownership in underserved communities with flexible qualification criteria.
Mortgages that meet the guidelines and loan limits set by Fannie Mae and Freddie Mac for secondary market purchase.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
Innovative loan products that leverage projected home equity growth to provide favorable financing terms.
Government-insured mortgages from the Federal Housing Administration with low down payments and flexible credit requirements.
A revolving line of credit secured by your home equity that allows you to borrow funds as needed during a draw period.
A fixed-rate second mortgage that provides a lump sum of cash by borrowing against the equity built in your home.
Mortgages that exceed the conforming loan limits set by the FHFA, designed for financing high-value luxury properties.
Loans for homeowners aged 62 and older that convert home equity into cash without requiring monthly mortgage payments.
Government-backed zero down payment mortgages for eligible rural and suburban homebuyers who meet income limits.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.