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Conventional Loans in Exeter
Exeter sits in Tulare County where most purchase loans close as conventional. Buyers with 620+ credit and stable income find better terms here than FHA.
The city's mix of established neighborhoods and newer builds favors conventional financing. Most sellers prefer conventional offers because appraisals run smoother.
Central Valley pricing typically stays below conforming limits, making conventional loans the natural fit. You avoid jumbo rates while getting flexible terms.
Exeter's agricultural economy means many borrowers need W-2 history plus seasonal income documentation. Conventional underwriting handles this better than government programs.
You need 620 credit minimum, but 740+ gets you the best pricing. Each 20-point jump in score saves money on rate.
Down payment starts at 3% for first-time buyers, 5% for everyone else. Put down 20% and you skip PMI entirely.
Debt-to-income ratios max out around 45-50% depending on credit strength. Stronger credit buys you more flexibility on ratios.
Two years of employment history in the same field is standard. Lenders want to see stable income, not job-hopping.
We access 200+ wholesale lenders who price conventional loans differently every day. Portfolio lenders sometimes beat Fannie Mae pricing on stronger files.
Rate shopping matters because lender overlays vary widely. One lender requires 680 credit while another approves at 640 for the same program.
Exeter buyers benefit from regional credit unions familiar with Central Valley income patterns. They understand seasonal ag work better than national banks.
Lock timing affects your rate more than most borrowers realize. Locking too early costs you if rates drop. Too late and you risk increases.
Most Exeter buyers overpay PMI because they don't know about lender-paid options. You can take a slightly higher rate and eliminate the monthly PMI charge.
Appraisals in smaller Tulare County cities sometimes come in low. Order inspections early so you have time to renegotiate if values lag.
Conventional loans close faster than FHA because fewer hoops exist. Exeter transactions typically fund in 21-25 days with responsive borrowers.
Self-employed buyers struggle with seasonal income documentation. Two years of tax returns showing consistent profit solve most underwriting questions.
FHA allows 580 credit but costs more long-term through higher insurance premiums. Conventional wins if you qualify for both.
Jumbo loans kick in above conforming limits, currently around $766,550 for Tulare County. Exeter pricing rarely hits this threshold.
ARMs make sense if you plan to move within seven years. Fixed conventional loans protect you if Exeter becomes a long-term home.
Conforming loans are conventional loans that meet Fannie Mae limits. The terms get used interchangeably for most Exeter purchases.
Exeter's downtown historic homes sometimes need renovation financing. Conventional loans combine purchase and rehab through specific programs.
Water rights and ag zoning can complicate rural property appraisals. Lenders want clear documentation on well permits and land use.
The city's proximity to Sequoia National Park attracts second-home buyers. Conventional rates jump about 0.5% for non-primary residences.
Property taxes in Tulare County run lower than coastal California. This helps your debt ratios qualify for higher loan amounts.
Minimum is 620, but 740+ gets the best rates. Each 20-point increase saves money on pricing. Rates vary by borrower profile and market conditions.
First-time buyers can put down 3%, others need 5%. Twenty percent down eliminates PMI and strengthens your offer with Exeter sellers.
Yes, typically 21-25 days versus 30-40 for FHA. Fewer inspection requirements and simpler appraisals speed up conventional closings.
Renovation conventional loans combine purchase and rehab costs. They work well for downtown historic properties needing updates.
Lenders average two years of tax returns to calculate qualifying income. Consistent profit history matters more than monthly fluctuations.
Conforming limit is around $766,550 for Tulare County in 2024. Above this you need jumbo financing with different requirements.
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.