Question 1

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

Accepted Answer

You need at least 620 to qualify. To get the best rate on a Ventura purchase, aim for 740 or higher.

Question 2

Can I avoid PMI with a conventional loan?

Accepted Answer

Yes. Put down 20% and PMI never applies. It also cancels automatically once you reach 20% equity.

Question 3

How does a conventional loan differ from FHA in San Buenaventura?

Accepted Answer

Conventional requires stronger credit but PMI goes away. FHA mortgage insurance stays for the life of the loan.

Question 4

Are ARM loans a good fit for Ventura buyers right now?

Accepted Answer

If you plan to sell or refinance within seven years, an ARM can save money versus a fixed rate. Rates vary by borrower profile and market conditions.

Question 5

Do condos qualify for conventional financing in Ventura County?

Accepted Answer

Many do, but not all. We verify condo project approval before you write an offer — surprises at underwriting cost time.

Question 6

What's the minimum down payment for a conventional loan?

Accepted Answer

First-time buyers can put down as little as 3%. Repeat buyers typically need at least 5%.

Conventional Loans in San Buenaventura, CA