Question 1

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

Accepted Answer

Most lenders require 620 minimum. For the best rates, 740 or higher is the target.

Question 2

Can I put less than 20% down on a conventional loan?

Accepted Answer

Yes, as low as 3% on a primary home. You'll pay PMI until you reach 20% equity.

Question 3

How does PMI work on a conventional loan?

Accepted Answer

PMI is private mortgage insurance added to your monthly payment. It cancels automatically once you hit 20% equity.

Question 4

Is a conventional loan better than FHA in Vacaville?

Accepted Answer

For buyers with 740+ credit and 20% down, yes. FHA costs more long-term due to permanent mortgage insurance in most cases.

Question 5

What's the maximum loan amount for a conventional loan in Solano County?

Accepted Answer

Solano County follows the conforming loan limit set annually by the FHFA. Loans above that limit become jumbo loans.

Question 6

Why use a broker instead of a bank for a conventional loan?

Accepted Answer

A broker shops your loan across many wholesale lenders at once. Banks can only offer their own rates.

Conventional Loans in Vacaville, CA