Question 1

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

Accepted Answer

Lenders require at least 620. Scoring above 740 gets you the best rate tiers available.

Question 2

Can I put less than 20% down and still use conventional financing?

Accepted Answer

Yes. You can go as low as 3% down. You'll pay PMI, but it cancels once you reach 20% equity.

Question 3

Are Patterson home prices within the conforming loan limit?

Accepted Answer

Most are. Stanislaus County prices typically stay below the conforming cap, so jumbo financing is rarely needed here.

Question 4

How does a broker help me get a better conventional rate?

Accepted Answer

We submit your file to multiple wholesale lenders. That competition drives your rate lower than any single bank can offer.

Question 5

Is a conventional loan better than FHA for Patterson buyers?

Accepted Answer

Often yes — if your score is 680+. Conventional PMI cancels; FHA mortgage insurance usually doesn't.

Conventional Loans in Patterson, CA