Question 1

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

Accepted Answer

Most lenders require at least a 620. A 740 or higher gets you the best pricing tiers available.

Question 2

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

Accepted Answer

Yes — you can go as low as 3-5% down. You'll pay PMI until you reach 20% equity.

Question 3

How does conventional compare to FHA for Ceres buyers?

Accepted Answer

If your score is above 680, conventional usually costs less overall. FHA mortgage insurance doesn't go away easily.

Question 4

Do conforming loan limits cover typical Ceres home prices?

Accepted Answer

Yes. Stanislaus County prices generally fall within conforming limits, so jumbo financing isn't usually needed.

Question 5

What income types qualify for conventional loans?

Accepted Answer

W-2 income is the cleanest path. Self-employed or variable income borrowers need two years of tax returns to qualify.

Question 6

When does PMI cancel on a conventional loan?

Accepted Answer

PMI cancels automatically when your loan balance drops to 78% of the original home value.

Conventional Loans in Ceres, CA — Competitive Rates, Real Options