Question 1

What is the conforming loan limit in Ventura County?

Accepted Answer

Ventura County qualifies for higher conforming limits as a high-cost area. Check current Fannie Mae limits before assuming you need a jumbo loan.

Question 2

Do conforming loans require PMI?

Accepted Answer

Yes, if your down payment is under 20%. PMI cancels automatically once your equity reaches 20% — unlike FHA mortgage insurance.

Question 3

What credit score do I need for a conforming loan in Simi Valley?

Accepted Answer

Lenders require at least 620. Scores above 740 get meaningfully better rates and lower PMI costs.

Question 4

Can I use gift money for a conforming loan down payment?

Accepted Answer

Yes. Fannie Mae and Freddie Mac both allow gift funds from family members. You'll need a signed gift letter and paper trail.

Question 5

How is a conforming loan different from a conventional loan?

Accepted Answer

All conforming loans are conventional, but not all conventional loans conform. Jumbo loans are conventional but exceed conforming limits.

Question 6

Should I choose a fixed rate or ARM on a conforming loan?

Accepted Answer

Fixed rates offer payment stability. ARMs make sense if you plan to sell or refinance within the initial fixed period — rates vary by borrower profile and market conditions.

Conforming Loans in Simi Valley, CA