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Modesto sits in the Central Valley, where home prices run well below coastal California. That gap makes conventional financing a strong fit here.
HousingWire flagged a 10.4% weekly drop in mortgage applications as the 30-year fixed hit 6.57%. For conventional borrowers in Modesto, that rate environment means lender competition matters more than ever. Rates vary by borrower profile and market conditions.
6.57% (Apr 2026)
30-Year Fixed Rate
620
Min Credit Score
3%
Min Down Payment
20% equity
PMI Eliminated At
10, 15, 20, 30 yr
Loan Terms Available
Conventional Loans in Modesto
Most conventional loans require a 620 minimum credit score. But 740 and above is where you get the best pricing tiers.
Down payment starts at 3% for first-time buyers. Put down 20% and you skip private mortgage insurance — PMI adds to your monthly cost every month you carry it.
Local decision guide
Use this guide to connect conventional loans eligibility, lender expectations, and local market factors before comparing payment options in Modesto.
Modesto sits in the Central Valley, where home prices run well below coastal California. That gap makes conventional financing a strong fit here.
HousingWire flagged a 10.4% weekly drop in mortgage applications as the 30-year fixed hit 6.57%. For conventional borrowers in Modesto, that rate environment means lender competition matters more than ever. Rates vary by borrower profile and market conditions.
Most conventional loans require a 620 minimum credit score. But 740 and above is where you get the best pricing tiers.
SRK CAPITAL works with 200+ wholesale lenders. That means we're not locked into one bank's rate sheet for your Modesto purchase.
Retail banks quote what they quote. Wholesale pricing often beats it. We run your file across multiple lenders to find who prices Stanislaus County deals best.
Conventional loans reward strong credit. A 740 score in Modesto can mean a meaningfully lower rate than a 680 — don't ignore that gap before you apply.
We see a lot of buyers in the Central Valley who qualify for both FHA and conventional. Run the numbers on both. FHA has upfront mortgage insurance; conventional doesn't after 20% equity.
FHA loans accept lower credit scores and down payments, but carry mortgage insurance for the loan's life in most cases. Conventional PMI cancels automatically at 78% loan-to-value.
Jumbo loans kick in above conforming limits — typically above $832,750 in most California counties. Most Modesto purchases stay well under that, keeping you in conforming conventional territory.
Modesto's median prices fall well within conforming loan limits. You're not fighting jumbo underwriting requirements on a typical local purchase.
Stanislaus County doesn't carry high-cost area designation. Conforming limits here are standard national limits — not the elevated caps you see in Bay Area counties.
Lenders require a 620 minimum. A 740 or higher gets you into the best pricing tiers and lower rates.
Yes, down payments start at 3% for eligible first-time buyers. You'll pay PMI until you reach 20% equity.
No. Stanislaus County uses standard national conforming limits, not elevated high-cost limits. Most local purchases fall comfortably within those limits.
It depends on your credit and down payment. Conventional wins long-term if you can hit 20% equity — FHA MIP often sticks around longer.
We shop your file across 200+ wholesale lenders. That access typically finds better pricing than going directly to a single retail bank.